Science & Technology

Bitcoin: El Salvador’s cryptocurrency gamble hit by trading 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

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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