Thursday, May 19, 2022
cnntoday
  • World
    • Africa
    • Europe
    • Middle East
    • China
  • United States
  • India
  • Australia
  • UK
  • Business
  • History & Art
  • Science
  • Sports
  • Video Reels
  • Shorts
No Result
View All Result
  • World
    • Africa
    • Europe
    • Middle East
    • China
  • United States
  • India
  • Australia
  • UK
  • Business
  • History & Art
  • Science
  • Sports
  • Video Reels
  • Shorts
No Result
View All Result
News 100
No Result
View All Result
Home World

Early stumble as El Salvador starts Bitcoin as currency

September 7, 2021
in World
Reading Time: 3 mins read
0 0
A A
0
Early stumble as El Salvador starts Bitcoin as currency
0
SHARES
26
VIEWS


El Salvador has become the first country to adopt Bitcoin as legal tender, but the rollout stumbled in its first hours

By MARCOS ALEMAN Associated Press

September 7, 2021, 3:49 PM

• 3 min read

SAN SALVADOR, El Salvador — El Salvador became the first country to adopt Bitcoin as legal tender Tuesday, but the rollout stumbled in its first hours and President Nayib Bukele informed that the digital wallet used for transactions was not functioning.

For part of the morning, El Salvador’s president became tech support for a nation stepping into the world of cryptocurrency. Bukele marshaled his Twitter account — with more than 2.8 million followers — to walk users through what was happening.

Bukele explained that the digital wallet Chivo had been disconnected while server capacity was increased.

The president said it was a relatively simple problem. “We prefer to correct it before we connect it again,” Bukele said. He encouraged followers to download the app and leave comments about how it was going.

The government has promised to install 200 Chivo automatic tellers and 50 Bitcoin attention centers.

The Associated Press visited one of the automatic tellers in San Salvador’s historic center, where attendants waited to help citizens, who initially didn’t show much interest.

Asked if he had downloaded the Chivo app, Emanuel Ceballos, said he had not. “I don’t know if I’m going to do it, I still have doubts about using that currency.”

José Martín Tenorio said he was interested in Bitcoin, but had not downloaded the app either. “I’m running to work. Maybe at home tonight.”

Three face-to-face public opinion surveys performed recently showed that most Salvadorans did not agree with the government’s decision to make Bitcoin legal currency. Bitcoin joins the U.S. dollar as El Salvador’s official currencies.

In June the Legislative Assembly enacted the Bitcoin law, and the Central American Bank for Economic Integration is providing the government with technical assistance.

The law says that Bitcoin can be used for any transaction and any business with the technological capacity to do so must accept payment in the cryptocurrency.

The government will back Bitcoin with a $150 million fund. To incentivize Salvadorans to use it, the government offered $30 worth of credit to those who use Chivo.

Critics have warned that the currency’s lack of transparency could attract increased criminal activity to the country and its wild swings in value could quickly wipe out users’ savings.

Bukele has said the cryptocurrency — originally created to operate outside government controlled financial systems — would help attract investment and save Salvadorans money when they transfer earnings in the United States back home to relatives in El Salvador. But its use would be voluntary.



Source link

Tags: BitcoinbusinessCentral AmericaCryptocurrencyCurrency marketsEl SalvadorFinancial marketsFinancial technologyGeneral newsGovernment and politicsLatin America and CaribbeanNayib BukeleSan Salvadortechnology
ShareTweetShareSendSend

Related Posts

Elizabeth line unveiled on new London Tube map
UK

Elizabeth line unveiled on new London Tube map

May 19, 2022
19
When JC brought up the topic of the disappearance of Dawson's first wife Lyn (above Lyn with Chris) she said to him 'you got rid of your first wife, you could easily get rid of me', and he went very still
Australia

How schoolgirl ‘feared for her life’ after Chris Dawson ripped off G-string she secretly bought

May 19, 2022
19
In East Timor, president-elect confronts thorny addiction to oil
World

In East Timor, president-elect confronts thorny addiction to oil

May 19, 2022
19

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

News 100

© 2021 News100

https://securetpnews.info/slot-gacor/ https://gratisbreipatroon.nl/situs-slot-gacor-hari-ini/ https://news100.org/situs-judi-slot-terbaik-dan-terpercaya-no-1/ slot online

Navigate Site

  • Contact Us
  • Privacy & Policy
  • Other Links

Follow Us

No Result
View All Result
  • World
    • Africa
    • Europe
    • Middle East
    • China
  • United States
  • India
  • Australia
  • UK
  • Business
  • History & Art
  • Science
  • Sports
  • Video Reels
  • Shorts

© 2021 News100

https://securetpnews.info/slot-gacor/ https://gratisbreipatroon.nl/situs-slot-gacor-hari-ini/ https://news100.org/situs-judi-slot-terbaik-dan-terpercaya-no-1/ slot online

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Slot88

Slot Gacor

Situs Slot Gacor

Slot Gacor

Slot Online

Daftar Slot88

Slot88

Slot Gacor

Slot Gacor

Slot88 Online

Slot Gacor Pragmatic

Slot Online Terbaik dan Terpercaya

Slot Gacor

Slot Online Terbaik dan Terpercaya