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

El Salvador recently became the first country in the world to make bitcoin legal tender, but traders have been exploiting the state issued bitcoin “wallet app” to make a quick profit

Technology



25 October 2021

By Luke Taylor

stickers used as part of a campaign against the use of Bitcoin as legal tender

There have been protests against bitcoin in El Salvador

REUTERS/Jose Cabezas via Alamy

El Salvador’s move to become the first country in the world to make bitcoin legal tender on 9 June has been met with protests and bedevilled by fraud, market volatility and technical glitches. Now the Central American nation has had to suspend a key function in Chivo Wallet, its government-issued smartphone app used to store and exchange bitcoin, because economic traders were exploiting it to make a profit.

El Salvador’s president, Nayib Bukele, has touted bitcoin as a way …

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