El Salvador became the first country to adopt bitcoin as legal tender, but the rollout stumbled. President Nayib Bukele acted as de facto tech support.
El Salvador on Tuesday became the first country to adopt bitcoin as legal tender, but the rollout stumbled in its first hours, and President Nayib Bukele said the digital wallet used for transactions was not functioning.
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.Meanwhile, the value of bitcoin plummeted early Tuesday, dropping from more than $52,000 per coin to $42,000, before recovering about half of that loss — an example of the volatility that worries many.
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.” Denis Rivera arrived with a friend because they had been trying to download the digital wallet app without success.He said he didn’t understand why some people had been “scandalized” by bitcoin. “We’ve been using debit and credit cards for years,” he said, “and it’s the same, electronic money.”
“Bitcoin basically doesn’t respond to market forces or regulatory announcements,” Gerard said. “That sort of price pattern, where it crashes hugely in minutes and then goes back up again, is usually one of the big guys burning the margin traders.” The law says bitcoin can be used for any transaction and that 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 used Chivo.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
El Salvador Becomes First Country to Adopt Bitcoin as National CurrencyCrypto advocates prepare for ‘B-Day’ as El Salvador’s government rolls out bitcoin ATMs, an e-wallet and stylish kiosks to promote the use of the speculative digital asset.
Leer más »
In world first, bitcoin becomes legal tender in El SalvadorEl Salvador on Tuesday becomes the first country in the world to accept bitcoin as legal tender, despite widespread domestic skepticism and international warnings of risks for consumers.
Leer más »
El Salvador becomes the first country to use bitcoin as a legal tenderPresident Nayib Bukele's government insists the move will give many Salvadorans access to bank services for the first time.
Leer más »
Factbox: Pros and cons for El Salvador, the first bitcoin nationEl Salvador will on Tuesday become the first country in the world to recognize bitcoin as legal tender, a move President Nayib Bukele says will save Salvadorans living abroad millions of dollars in commissions on money they send home.
Leer más »
El Salvador leads world in adopting bitcoin as official currencyEl Salvador became the first country in the world to adopt bitcoin as legal tender, a real-world experiment proponents say will lower commission costs for billions of dollars sent home from abroad but which critics warned may fuel money laundering
Leer más »
El Salvador Goes On A $21 Million Crypto Buying Spree As Bitcoin Becomes Legal TenderI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com
Leer más »