El Salvador’s Bitcoin wallet onboards 4M users with Netki partnership

According to an announcement, El Salvador is the first country to legalize Bitcoin (BTC).

Netki announced that Chivo wallet added over 4 million users within 45 days of using its flagship Know Your Customer (KYC/Anti-Money laundering (AML), product, OnboardID. Netki claimed that the platform had enabled the compliant onboarding for 70% of the country’s previously unbanked populace.

El Salvador passed the Bitcoin bill last June and made Bitcoin legal tender in September. President of the tiny Central American nation Nayib Bukele made it clear that the goal was for digital banking to be available to the more than 70% of the population. The government launched Chivo, a national crypto wallet that allows for easy transactions and promoted BTC use. It also offered $30 in BTC airdrops.

El Salvador was warned by major financial institutions like the IMF and the World Bank that they were making dire predictions while also warning them of unjustified economic consequences. But President Bukele continued to encourage Bitcoin use in the country, and rebuked all fear-mongering. The El Salvador government issued a Bitcoin volcanic bond after the IMF refused $1 billion in financial aid. This was advised by Max Keiser, a Bitcoin proponent.

Earlier today, President Bukele responded to Moody’s recent downgrading El Salvador’s sovereign debt. He said: “BREAKING: EL SALVADOR DGAF.”

— Nayib Buukele (@nayibbukele), January 17, 2022

Related: El Salvador’s Dollar debt plunges on Bitcoin bond plans

Chivo was instrumental in El Salvador becoming the first country to allow Bitcoin use. Chivo wallets can be used to transfer money internationally and are also being used in daily transactions at cafeterias, malls, and other retail markets.

In addition to facilitating millions of cross-border remittances, the government also has hundreds of Bitcoin ATMs. Chivo has done what banks have not been able for decades: Chivo has made it possible to send money across borders that banks are unable to.