El Salvador came to the limelight with its intention to make Bitcoin a legal tender, and this objective saw the light of day in June.
The Central American country has been making significant strides in the crypto space ever since. The latest revelation is that the number of Bitcoin wallets in the nation dwarf bank accounts. President Nayib Bukele said:
“There is one country on Earth, where there are more people using Bitcoin wallets than bank accounts.”
With a population of 6.6 million, Salvadorians who have downloaded the Chivo Bitcoin wallet account for nearly half of the populace at 3 million. This contrasts with only 29% of Salvadorans with bank accounts as of 2017 based on Statista data.
However, the journey to legally adopt Bitcoin has not been smooth sailing because it has been warned of severe consequences from different quarters. Nevertheless, this does not discourage the nation’s ambitious plans to bring financial services to at least 70% of its…