El Salvador Denies Government Support for New Stablecoin Remittance App Sivar

The Bitcoin Office in El Salvador has denied any government backing for Sivar, a new stablecoin remittance app launched in partnership with Modveon and Coinbase.

Sivar allows users to transfer funds between the United States and El Salvador, settling transactions in stablecoins on Base at a fixed $2 fee.

The office stated that the government has no plans to launch or run any Bitcoin or cryptocurrency wallets, after ending its involvement with Chivo Wallet following its sale to private operators.

More than 25,000 Salvadorans had registered for Sivar before its launch, which also offers users over 1,000 locations in El Salvador where they can withdraw cash.