El Salvador made headlines when it announced its aim to make Bitcoin legal tender, and this goal was achieved in June.
Since then, the Central American country has made great progress in the crypto area. According to the most recent discovery, the number of Bitcoin wallets in the country now outnumbers bank accounts. President Nayib Bukele made the following statement:
“There is one country on Earth, where there are more people using Bitcoin wallets than bank accounts.”
With a population of 6.6 million, Salvadorans who have downloaded the Chivo Bitcoin wallet account for nearly half of the country’s population, accounting for 3 million people. According to Statista data, only 29% of Salvadorans had bank accounts in 2017.
However, the road to legalizing Bitcoin has not been without bumps, as it has been warned of dire ramifications from several sectors. Nonetheless, the country’s ambitious aspirations to use Bitcoin to extend financial services to at least 70% of the country’s unbanked population remain unaffected.
Furthermore, El Salvador’s BTC investment is beginning to pay off, as the country plans to use the revenues to build 20 new schools. The country added 150 more Bitcoins to its collection in September, boosting its total to 700 BTC.
El Salvador’s brave decision to declare Bitcoin legal tender is inspiring other countries to follow suit. The Zimbabwean government, for example, is said to have sought input from the business sector before embracing Bitcoin as a legitimate payment method.