Bitcoin's first week in El Salvador faced several issues including problems with the government-run Chivo app, unclear regulations, and a lack of cryptocurrency education for citizens. While some protests occurred, experts said political opponents exaggerated their size for political reasons and drowned out valid concerns like Bitcoin's volatility. Even for crypto-literate people, signing up for and using Chivo raised privacy and access issues due to the app's vague data sharing policy and inability to register without a Salvadoran ID number. Overall, the rollout faced challenges scaling up efforts to educate the unbanked population and provide regulatory clarity for existing businesses.

1. [LE BITCOIN]
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JANUARY 1, 2021
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2. Le Bitcoin :
Bitcoin's First Week in El Salvador: App Problems and Regulatory Uncertainty For all
of the exhilaration surrounding Bitcoin in El Salvador, its first week has been
plagued with app errors, indistinct rules and a loss of public training on
cryptocurrencies and blockchain technology. https://oke.io/tyrh33
After President Nayib Bukele introduced plans to introduce Bitcoin as felony
smooth over a stay flow on the Bitcoin 2021 convention in June, the regulation
turned into accepted days later. That kicked off a three-month duration for
organizations to make themselves compliant by the point the regulation took
impact Sept. 7. During that duration, the authorities rushed to roll out the Chivo
pockets app, released it proper earlier than the Bitcoin regulation took impact
and remains scuffling with provider troubles. The president and Congress
additionally delivered a brand new article to the Bitcoin Law that stated humans
and organizations without “get entry to to the technology that permit them to
perform transactions in bitcoin are excluded” from the duty to just accept it
however did now no longer specify the way to follow for such an exemption.
Politics and incorrect information cloud valid worries Even with all of the hiccups,
Nolvia Serrano, the San Salvador-primarily based totally leader advertising officer
at fintech startup BlockBank, says reviews approximately sizeable protests in
competition to Bitcoin adoption had been exaggerated. “I’m now no longer
announcing all of us desires it. https://oke.io/tyrh33
I’m sure, absolutely, there are a number of folks who don’t need Bitcoin,” she
stated. “But [people outside El Salvador] pass over that that is political. The
protests had been greater approximately the president looking to have phrases in
power. So there are all of those mechanics and dynamics withinside the united
states of america that specify what’s absolutely happening.” What’s greater, she
stated, is that valid worries are becoming drowned out through Bukele’s political
competitors who don’t themselves have a strong draw close on how Bitcoin works.
“There are such a lot of worries which are valid, in my opinion – for example, the
volatility of Bitcoin. But there may be additionally different records it's been
unfold through the competition it's now no longer correct,” Serrano stated. “I
turned into paying attention to the govt director [Leonor Selva] of the Association
of Private Enterprises in El Salvador, and she or he turned into evaluating Bitcoin
to retaining a chunk of paper that asserts that is $five that's absolutely now no
longer the case.” That’s why one in all her maximum urgent worries
approximately Bitcoin has been the dearth of public training. Working at a fintech

3. agency approach she’s well-versed in cryptocurrencies and is familiar with the
inherent dangers of the use of them. But she issues the unbanked Salvadorian
population, upwards of 70%, through one estimate, hasn’t been given lots steerage.
The hands-on method utilized by the founders of Bitcoin Beach, but admirable, has
been hard to scale. “On the 11th of September while there has been a massive
birthday party of the Bitcoin, they came. https://oke.io/tyrh33
They had been now no longer even having events or anything,” Serrano stated.
“They had been simply assisting all of the strains of humans looking to down
load their wallets.” Chivo app accessibility and statistics privateness worries Even
with help, signing up for the Chivo pockets has been a struggle. Fernando
Argumedo, a San Salvador-primarily based totally legal professional at Central
Law, practices company regulation. He focuses particularly on highbrow property,
era and statistics privateness. He’s been not able to down load the app on both
of his mobileular telephones or his tablet. https://oke.io/tyrh33
Even if he could, Argumedo stated one in all his fundamental proceedings
approximately Chivo has been its privateness policy. It says through the use of
the app, customers consent to percentage their statistics “with different
establishments or associated groups, as accredited through regulation.” That
sort of indistinct disclaimer has given him and others pause, particularly due to
the fact there isn’t felony readability on what may be shared or with whom.
Argumedo stated there has been a Congress-accepted statistics privateness
invoice that Bukele rejected in advance this year. But whilst Bukele has been the
incumbent for 2 years, the brand new assembly – that's now politically aligned
together along with his party – took workplace in March. And to this point there’s
been no indication that the brand new legislators will replace and resubmit the
statistics safety regulation for presidential approval. “Considering this, we do not
have a selected act or law so as to recognize how your statistics goes to be
treated,” Argumedo stated. “So it's a selected problem for folks who are greater
involved approximately their statistics and privateness.” There are options to
Chivo. Jack Maller’s Strike, as soon as notion to be the inheritor obvious to the
authorities-subsidized pockets, is amongst them. Strike is a possible choice as
it commenced working in El Salvador earlier than the Bitcoin regulation went into
impact. For present apps and economic establishments, the authorities has
issued steerage on the way to follow Bitcoin rules. For newcomers, it’s now no
longer clean the way to input the market. “For new groups that need to offer new
offerings associated with Bitcoin,” Argumedo stated, “the ones regulations are
nevertheless but to be released.” Another criticism approximately Chivo has been
the reality that it’s based like a non-public agency, however funded with public
money. There turned into no authorities contractor method that solicited bids from
groups. And, to this point, there seems to be no authorities legit who can be
responsible for it. Argumedo stated organizations who do need to apply the app
have had troubles developing bills. The app specifies that commercial enterprise

4. bills have to be created through an agency’s felony representative. That turns
into an impediment while an agency’s felony crew is primarily based totally in
any other United States of America, he stated. “These are humans who've a
resident card, they've a passport, however they're now no longer capable of
create an account due to the fact they do not have Salvadorian Unique
Identification,” he stated, “so it's any other problem.”
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