El Salvador plans to sell or shut its crypto wallet
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…
