Salvadoran President Nayib Bukele claims that 2.one one thousand thousand of his fellow citizens are using the government-backed Chivo cryptocurrency wallet, offer a glimpse into the apparent success of the country'southward Bitcoin (BTC) gambit.

The controversial president updated his 2.9 meg Twitter followers Saturday afternoon, challenge that Chivo "now has more than users than any bank in El salvador" after just three weeks in performance. Bukele indicated that information technology's merely a matter of time before Chivo adoption eclipses all banks in Republic of el salvador combined.

The state-issued Chivo wallet launched in early on September equally El Salvador officially recognized Bitcoin as legal tender — a landmark motion that could offering an of import case report for other countries in the region. Chivo enables individuals and businesses to send and receive payments in Bitcoin or dollars from anywhere in the globe. The wallet is available on both Android and Apple devices. As Cointelegraph reported, Mexican cryptocurrency commutation Bitso has signed on as the core service provider for Chivo.

Related: Republic of el salvador's credit rating could take a striking amid Bitcoin adoption, warns S&P Global

Bukele'south latest update suggests that the Bitcoin Law is being received favorably beyond the land, even as hundreds of anti-government protestors took the streets to voice their opposition. On Sept. 15, those protests culminated in the burning down of a crypto kiosk in the nation's capital city.

To be sure, mass adoption of Chivo is due in part to the authorities airdropping $xxx worth of BTC to every Salvadoran account holder. According to a recent survey from São Paulo-based agency Sherlock Communications, slightly more half of Salvadorans have no familiarity with Bitcoin.

In the meantime, Bukele's authorities has been filling its coffers with BTC post-obit a serial of volatile price swings for the digital asset. El Salvador "bought the dip" on at least two recent cost drops — Sept. 7 and 20 — bringing its total holdings to 700 BTC.