El Salvador plans to sell or shut its crypto wallet Nexovant
A bitcoin monument at Plaza Bitcoin in El Salvador’s capital. Photo: Marvin RECINOS / AFP/File
Source: AFP
El Salvador will privatize or close the cryptocurrency wallet “Chivo” created by President Nayib Bukele when he made bitcoin legal tender in 2021, an official said Thursday.
The announcement came after the Central American nation’s government reached a $1.4 billion loan deal with the International Monetary Fund that addressed its controversial embrace of bitcoin.
While bitcoin remains legal tender in El Salvador, Chivo “will be sold or wound down,” Stacy Herbert, director of Bukele’s National Bitcoin Office, wrote on social media platform X.
She did not say how many people used the digital wallet, which was created by the government in September 2021 for Salvadorans to make payments in bitcoin.
“El Salvador will continue buying bitcoin (at possibly an accelerated pace) for its Strategic Bitcoin Reserve,” Herbert added.
The IMF said Wednesday that under the loan agreement, acceptance of bitcoin by the Salvadoran private sector would be voluntary, adding that bitcoin-related risks “are being mitigated.”
Read also
IMF confirms talks with Argentina about new loan agreement
“For the public sector, engagement in bitcoin-related economic activities and transactions in and purchases of bitcoin will be confined,” it added.
In 2021, El Salvador became the world’s first country to establish bitcoin as legal tender in a bid by Bukele to revitalize a dollarized, remittance-reliant economy.
On December 1, the gang-busting leader acknowledged in a speech that the introduction of bitcoin had been “the most unpopular measure that this government has taken.”
Around 88 percent of Salvadorans did not use bitcoin in 2023, according to a survey by the Central American University.
According to the National Bitcoin Office, El Salvador owns 5,969 bitcoins worth around $582 million.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ️ find the “Recommended for you” block on the home page and enjoy!
Source: AFP
Looking to Invest in Real Estate? Discover Nexovant Today!
Nexovant is Nigeria’s leading real estate platform, offering seamless solutions for property listings, real estate investment, and property management. Whether you’re searching for the best properties in Nigeria, seeking opportunities with our NexoVest real estate investment platform, or exploring innovative tools like Morena AI, Nexovant is your trusted partner in real estate success.
We specialize in:
Real estate investment opportunities in Nigeria.
Affordable property listings for sale and rent.
AI-powered solutions for smarter property searches.
Real estate development and management services.
Join thousands of investors and property owners today. With Nexovant, you can buy, sell, rent, or invest in some of the best real estate in Nigeria.
Explore Nexovant:
📍 Visit us: www.nexovant.com
💡 Learn more about NexoVest: Your gateway to profitable real estate investments.
🌟 Discover Morena AI: Revolutionizing property search and analytics.
Keywords:
Best real estate platform in Nigeria
Real estate investment opportunities in Nigeria
Property for sale and rent in Nigeria
Real estate development and property management
AI in real estate Nigeria
Affordable real estate investments
Top property listing websites in Nigeria
Stay ahead in the real estate market with Nexovant – the future of real estate innovation in Africa.
Source
