As part of the technical agreement with the International Monetary Fund, the Salvadoran government decided to sell or discontinue the state-owned Chivo wallet. Despite this decision, private bitcoin wallets will continue to operate in the country.
This move is part of a government commitment within a US$1.4 billion financing program with the IMF, which includes a gradual reduction of its involvement with the wallet, launched in September 2021 to encourage the use of cryptocurrencies. The introduction of the wallet was controversial, marked by technical problems and challenges in its operation. In turn, its ATM network, both in El Salvador and the United States, faced operational difficulties.