El Salvador’s state crypto wallet is no longer used

This conclusion can be reached after studying a report by the US National Bureau of Economic Research (NBER). The report says that 6 out of 10 El Salvadorans stopped actively using the Chivo wallet after spending the welcome bonus in BTC.

The bonus provided by the government was about $ 30 in BTC. Only 4 out of 10 Salvadorans who downloaded the state-owned Chivo wallet after its launch use it after spending the initial funds.

Monitoring of transaction information in Chivo showed that the share of the population that downloaded the application, which is about 4.3 million people, is 6 to 15 thousand transactions per day, which is significantly less than 1% of the active audience.

The authors of the report claim that the share of remittances to the country in the total number of remittances is at its lowest level since the wallet’s launch, at less than 1.6%.