Central American nation El Salvador: The Central American nation El Salvador has changed the frontend and backend technology providers to overcome the problems associated with its “Chivo” wallet. The country’s official bitcoin wallet had many problems recently. The development comes after the International Monetary Fund (IMF) recommended that El Salvador stop using bitcoin as a sovereign currency. Shivo is in the process of installing 1,500 bitcoin ATMs across the country.
IMF has given a warning
Recently, the IMF recommended El Salvador to drop bitcoin as a legal tender. His recommendation has been rejected by the government there this week. El Salvador’s Treasury Minister Alejandro Zelaya said in a stern tone ‘no international organization can ask us to do anything.’
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Speaking to a local TV station, Zelaya said that bitcoin is an issue of ‘sovereignty’. Zelaya said that his country is a sovereign nation and he himself decides about his public policy.
Government issued statement
The government of El Salvador said in a statement, “The government of President Nayib Bukele informed that the American company AlphaPoint is providing technology for the first national wallet in the world, Sivo Wallet. AlphaPoint, which provides financial technology to institutions globally, is using its expertise to offer financial services and access to bitcoin to millions of Salvadorans.”
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Alphapoint will provide these services
Crypto software firm AlphaPoint will support the frontend and backend infrastructure, thereby strengthening the wallet and unifying the entire ecosystem including mobile applications, mobile point of sale processing, merchant website portals, call center support software.
El Salvador became the first country in the world to adopt bitcoin as legal tender in September 2021, as the government there launched the Xivo Wallet to ease bitcoin transactions in the country.
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