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A ‘yes’ to bitcoin: Salvadorans increasingly exchange their savings in dollars for cryptocurrency

The widespread adoption of bitcóin in El Salvador gains momentum as citizens increasingly exchange their savings in US dollars for cryptocurrency.

On Friday night, through his Twitter account, the president of the Central American country, Nayib Bukele, offered some statistics of the bitcoin wallet enabled by the Government, called ‘Billy Goat’, which indicates that Salvadorans “are inserting much more US dollars [para comprar la divisa digital] of what they are withdrawing from the ‘Chivo’ ATMs “.

In the same publication, Bukele offered details of the ‘Chivo’ ATMs, where operations with bitcoin are carried out, indicating that on October 16, 24,076 requests for remittances were received, totaling 3,069,761.05 dollars in one day.

The increase in conversions from US dollars to Bitcoin by Salvadorans could indicate a change in investor thinking, who were initially reluctant to adopt cryptocurrency as an official currency.

However, many users they complained about the operation from the ‘Chivo’ wallet app in response to the post. “I have a serious problem: it won’t let me recharge. They were two very stressful days, yesterday and yesterday”, reported a netizen. Other user he claimed that the wallet has “many” security problems: “They took my bitcoin without the need for my pin, how is that possible?”.

Bitcoin as official currency

On September 7, the use of bitcoin as official currency came into force in El Salvador, following a law approved last June by the Legislative Assembly, with a pro-government majority, which made it the first country in the world that allows this cryptocurrency to be used as legal tender.

However, its implementation was not easy. From the International Monetary Fund (IMF) there was criticism for the approval of the regulation and in El Salvador protests were recorded by those who refuse to use bitcoin, in one of which a booth of the ‘Chivo’ ATM was burned in a point of San Salvador.

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