El Salvador’s Bitcoin Office Denies Government Backing for Sivar App
Sivar is built by Modveon with Coinbase infrastructure for stablecoin remittances between the United States and El Salvador.
El Salvador’s Bitcoin Office said the government is not backing or planning to operate Sivar, a new stablecoin remittance app built for transfers between the United States and El Salvador.
The office said the government has no plans to launch or run any Bitcoin, cryptocurrency or stablecoin wallet. It also said state involvement ended after Chivo Wallet was sold to private operators, and characterized claims of government support for Sivar as false.
Sivar is being developed by Modveon and uses Coinbase infrastructure for wallets, payments and transfers. Transactions are settled in stablecoins on Base and carry a fixed $2 fee.
Users can withdraw cash at more than 1,000 locations in El Salvador. More than 25,000 Salvadorans had registered before the app’s launch.
The app’s rollout comes after the government ended its participation in Chivo Wallet, the state-backed wallet used in El Salvador’s earlier cryptocurrency program.
