> This is a question for any El Salvadorans browsing HN: are the funds stored in Chivo subject to the same financial rules and regulations as the rest of the E

> This is a question for any El Salvadorans browsing HN: are the funds stored in Chivo subject to the same financial rules and regulations as the rest of the El Salvadoran banking/financial sector? No. > I'm asking regardless of practical enforcement of those regulations. From public information and press releases it doesn't seem like they do. - For starters the password is just a six digit number. So it doesn't follow the same account security recommendations required by the regulator for every other financial institution in El Salvador. - Every financial institution in El Salvador is required to publish their corporate information on their website, including their financial statements and board of directors. But their website doesn't even publish their address. - The app is not a member of the local deposit insurance scheme (IGD). But the app is the financial institution with the most clients in El Salvador. 3 million, compared to 1.5 from the rest of the financial sector > I want to understand the risk model here as people actually using the app perceive it > Are the people regularly using it under the impression that the government will help claw back or recover lost or stolen fund. I don't know. I mean, all other banks are required to publish customer service statistics, including how many credit card chargebacks they do and how many fraud complaints they receive. But the app doesn't do this as far as I know.