According to a statement given by El Salvador’s President Nayib Bukele, over 500,000 El Salvador citizens are now using cryptocurrency wallets for day to day use.

In order to achieve this, the Salvadoran government developed a government-issued cryptocurrency wallet known as ‘Chivo’. This rollout wasn’t devoid of hiccups, however, as many experienced technical issues at launch — a problem the President now states is “95% corrected.”

This wide scale adoption of crypto wallets follows the approval of Bitcoin as legal tender within the nation, alongside the previously accepted US dollar. This has meant that any vendor or business must, by law, accept Bitcoin at the point of sale unless sufficient technology to carry out these transactions is unavailable to sellers.

This proposal was voted in with a majority of 62 out of 84 parliamentarians in favour of the move.

"It will bring financial inclusion, investment, tourism, innovation and economic development for our country," President Bukele tweeted before the official vote in early June this year.

However, this move has had its share of critics, with many outlining the extreme volatility of Bitcoin being a prime issue when moving to utilise it as a state-approved tender.

President Bukele maintains that this change will open up financial services to the staggering 70% of Salvadorans who lack access to traditional banking systems.

With a population of just 6.5 million, the adoption rate over a single quarter indicates that this may indeed be a step in the right direction for those from lower economic backgrounds.