what's Chivo Wallet?

Chivo Wallet is a mobile digital wallet application developed by the government of El Salvador to facilitate payments and transfers in both U.S. dollars and Bitcoin. Launched in 2021 as part of the country's Bitcoin legal tender initiative, it enables users to download the app from major app stores, onboard with a national ID, and instantly access funds via on-ramps at physical agents. The wallet supports commission-free peer-to-peer transfers, Bitcoin-to-dollar swaps, and QR code payments, promoting financial inclusion especially for remittances. It integrates with the Lightning Network indirectly through its backend and was built using technology from AlphaPoint, allowing merchants to receive dollars even when paid in Bitcoin.

IMF notes advanced negotiations for the government's Chivo Bitcoin wallet sale.