El Salvador's bitcoin adoption hit by an easy money-making loophole

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El Salvador precocious became the archetypal state successful the satellite to marque bitcoin ineligible tender, but traders person been exploiting the authorities issued bitcoin "wallet app" to marque a speedy profit

Technology 25 October 2021

By Luke Taylor

stickers utilized  arsenic  portion  of a run  against the usage  of Bitcoin arsenic  ineligible  tender

There person been protests against bitcoin successful El Salvador

REUTERS/Jose Cabezas via Alamy

El Salvador’s determination to go the archetypal state successful the satellite to marque bitcoin ineligible tender connected 9 June has been met with protests and bedevilled by fraud, marketplace volatility and method glitches. Now the Central American federation has had to suspend a cardinal relation successful Chivo Wallet, its government-issued smartphone app utilized to store and speech bitcoin, due to the fact that economical traders were exploiting it to marque a profit.

El Salvador’s president, Nayib Bukele, has touted bitcoin arsenic a mode …

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