Jakarta –
El Salvador has adopted Bitcoin as legal tender. However, after this crypto asset was used as a means of payment, chaos ensued in the country.
This Bitcoin adoption policy itself was initiated by President Nayib Bukele. Bukele is known to be a crypto asset advocate, and he even reportedly joined online crypto advocates praising McDonald’s for accepting Bitcoin as a means of payment.
Initially, adopting Bitcoin as a legal tender it was hoped it would help Salvadorans avoid the expensive fees for sending money from abroad. El Salvador does not have its own currency, but relies on the US dollar.
In fact, however, adding another currency that is vulnerable to wild changes in value will further complicate government budgets and tax planning.
Reported from CNN, Thursday (9/9/2021), the following is a series of chaos that occurred in El Salvador after Bitcoin was used as a means of payment.
1. Digital Wallet App Not Ready
The first problem that emerged from the adoption of Bitcoin as a means of payment was that the government’s Bitcoin wallet application, Chivo Wallet, did not work well.
In fact, this app is not available in major app stores. Until now the application only appears on Apple and Huawei platforms.
See also the video ‘Reason to Stop Investing in Bitcoin Cs: More Risky’:
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