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El Salvador May Ditch Chivo Wallet
In a shocking move, El Salvador is considering ditching its national cryptocurrency wallet, Chivo, as part of a funding deal with the International Monetary Fund (IMF) and other entities. The news comes as a major blow to Bitcoin enthusiasts worldwide, as the country’s decision to make Bitcoin legal tender in 2021 sparked widespread interest and enthusiasm.
According to Stacey Herbert, director of the Bitcoin Office in El Salvador, the Chivo wallet will either be decommissioned or sold off. This drastic measure is part of an agreement that would secure a massive $3.5 billion loan for the country.
While it’s unclear what this means for the future of Bitcoin adoption in El Salvador, it appears that other private sector wallets operated by companies will continue to serve the country. The government has emphasized its continued faith in Bitcoin and its commitment to adding to its strategic reserve on a daily basis, currently standing at almost 6,000 BTC.
However, it remains to be seen how this development will impact the overall cryptocurrency landscape, including the Chivo wallet’s users and potential new investors.
Source: fullycrypto.com
