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Project Overview
Chivo Wallet is the official Bitcoin and Dollar wallet of the Government of El Salvador. It enables users to send and receive Bitcoin and/or Dollar without any fees between Salvadorans, as well as to exchange Bitcoin for Dollar or vice versa without any commission.
IMF Approves $138 Million Disbursement to El Salvador, Requires Reduced State Involvement in Bitcoin Activities
Odaily reports: The International Monetary Fund (IMF) has completed the second and third reviews of El Salvador's 40-month Extended Fund Facility, approving an immediate disbursement of approximately $138 million under the $1.4 billion financing program. Despite some performance criteria not being met, the IMF granted waivers based on corrective measures and recommitments.The IMF stated that El Salvador will continue to reduce state involvement in Bitcoin-related activities, strengthen crypto asset regulation, governance, and transparency of public sector crypto asset holdings, and will not accumulate additional Bitcoin beyond already recorded donations. The majority stake and operational control of the government's Chivo Bitcoin wallet have been transferred to a private operator. (Cointelegraph)
IMF Approves $139 Million Disbursement, Grants Waiver for El Salvador's Breach of Bitcoin Accumulation Limits
the International Monetary Fund has approved an immediate disbursement of $139 million to El Salvador, following the completion of the second and third reviews of its $14 billion Extended Fund Facility. The institution granted a waiver for El Salvador's failure to meet performance criteria related to Bitcoin holdings, stating that the country has taken corrective measures and reaffirmed its commitments; documents provided by El Salvador show that the Bitcoin added after the first review came from private donations rather than public funds. The IMF stated that El Salvador's economic performance has exceeded expectations, and that progress has been made in anti-money laundering efforts, fiscal transparency, and the transfer of majority ownership and control of the state-owned digital wallet Chivo to a private operator.
El Salvador's Bitcoin Office Denies Government Backing for Sivar Stablecoin App
Odaily News: Bitcoin News posted on X platform that Bloomberg reported the Nayib Bukele government is backing the launch of a new app called Sivar, which uses a U.S. dollar stablecoin for payments and remittances. El Salvador's Bitcoin Office responded that the Salvadoran government has no plans to launch or operate any Bitcoin, cryptocurrency, or stablecoin wallet.Coinbase announced that Sivar was launched by Modveon and uses Coinbase infrastructure to process remittances between the United States and El Salvador. Transfers are settled in stablecoins on Base with a flat fee of $2, and can be withdrawn at over 1,000 locations in El Salvador; Coinbase said more than 25,000 Salvadorans had registered before launch. El Salvador's Bitcoin Office stated that after selling Chivo Wallet to a private operator, the government has officially ended all involvement, and called Bloomberg's related report "fake news."
El Salvador President Nayib Bukele: El País Report on Bitcoin Reserve Control Transfer Is Completely False
Odaily News: Bitcoin News posted on the X platform that El Salvador's President, Nayib Bukele, has accused El País of publishing "fake news." The newspaper had previously reported that El Salvador had transferred the "majority ownership and control" of its holdings of over 7,763 bitcoins to private operators. Bukele called the claim "completely false" and stated that the International Monetary Fund statement cited by El País referred to the transfer of shares in the Chivo wallet, not El Salvador's strategic bitcoin reserve. He also accused the media outlet of "blatantly" lying to its readers.
Related news
IMF Approves $138 Million Disbursement to El Salvador, Requires Reduced State Involvement in Bitcoin Activities
Odaily reports: The International Monetary Fund (IMF) has completed the second and third reviews of El Salvador's 40-month Extended Fund Facility, approving an immediate disbursement of approximately $138 million under the $1.4 billion financing program. Despite some performance criteria not being met, the IMF granted waivers based on corrective measures and recommitments.The IMF stated that El Salvador will continue to reduce state involvement in Bitcoin-related activities, strengthen crypto asset regulation, governance, and transparency of public sector crypto asset holdings, and will not accumulate additional Bitcoin beyond already recorded donations. The majority stake and operational control of the government's Chivo Bitcoin wallet have been transferred to a private operator. (Cointelegraph)
IMF Approves $139 Million Disbursement, Grants Waiver for El Salvador's Breach of Bitcoin Accumulation Limits
the International Monetary Fund has approved an immediate disbursement of $139 million to El Salvador, following the completion of the second and third reviews of its $14 billion Extended Fund Facility. The institution granted a waiver for El Salvador's failure to meet performance criteria related to Bitcoin holdings, stating that the country has taken corrective measures and reaffirmed its commitments; documents provided by El Salvador show that the Bitcoin added after the first review came from private donations rather than public funds. The IMF stated that El Salvador's economic performance has exceeded expectations, and that progress has been made in anti-money laundering efforts, fiscal transparency, and the transfer of majority ownership and control of the state-owned digital wallet Chivo to a private operator.
El Salvador's Bitcoin Office Denies Government Backing for Sivar Stablecoin App
Odaily News: Bitcoin News posted on X platform that Bloomberg reported the Nayib Bukele government is backing the launch of a new app called Sivar, which uses a U.S. dollar stablecoin for payments and remittances. El Salvador's Bitcoin Office responded that the Salvadoran government has no plans to launch or operate any Bitcoin, cryptocurrency, or stablecoin wallet.Coinbase announced that Sivar was launched by Modveon and uses Coinbase infrastructure to process remittances between the United States and El Salvador. Transfers are settled in stablecoins on Base with a flat fee of $2, and can be withdrawn at over 1,000 locations in El Salvador; Coinbase said more than 25,000 Salvadorans had registered before launch. El Salvador's Bitcoin Office stated that after selling Chivo Wallet to a private operator, the government has officially ended all involvement, and called Bloomberg's related report "fake news."
El Salvador President Nayib Bukele: El País Report on Bitcoin Reserve Control Transfer Is Completely False
Odaily News: Bitcoin News posted on the X platform that El Salvador's President, Nayib Bukele, has accused El País of publishing "fake news." The newspaper had previously reported that El Salvador had transferred the "majority ownership and control" of its holdings of over 7,763 bitcoins to private operators. Bukele called the claim "completely false" and stated that the International Monetary Fund statement cited by El País referred to the transfer of shares in the Chivo wallet, not El Salvador's strategic bitcoin reserve. He also accused the media outlet of "blatantly" lying to its readers.