Amid IMF’s call to drop Bitcoin use, El Salvador changes tech provider for its ‘Chivo’ wallet

cnbctv18.com:

Even as the International Monetary Fund (IMF) recommended that El Salvador drop the use of Bitcoin as currency, its government has gone ahead and changed the frontend and backend technology provider for its “Chivo” wallet in an apparent bid to fix a series of problems that have plagued its state-run bitcoin wallet.The government of El Salvador earlier this week rejected a recommendation by the IMF to drop Bitcoin as legal tender in the Central American country, with its Treasury Minister Alejandro Zelaya stating, “no international organisation is going to make us do anything, anything at all.”Zelaya told a local television station Bitcoin is an issue of “sovereignty” and “countries are sovereign nations and they take sovereign decisions about public policy.”Also Read | Tracing El Salvador’s journey of adopting bitcoin as legal tenderA statement issued by the El Salvador government stated, “The Government of President Nayib Bukele informs that the American company AlphaPoint is providing technology for Chivo Wallet, the first national digital wallet in the world.

AlphaPoint—which provides financial technology to institutions globally—is adding its expertise to offer financial services and access to Bitcoin for millions of Salvadorans who are actively using the Chivo wallet.”The statement added the objective of President Bukele con Chivo is to provide millions of Salvadorans with the opportunity to learn about the advantages of using bitcoin, accessing financial services, paying for goods and services, as well as the possibility of receiving and sending remittances without charging commissions.Crypto software firm AlphaPoint will support the frontend and backend infrastructure that powers the wallet and integrates the