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> [...] the government opened a digital wallet called Chivo, and gave every citizen the equivalent of $30 in bitcoin. But hundreds of the Chivo accounts were ha
by asimpletune 3y ago
> [...] the government opened a digital wallet called Chivo, and gave every citizen the equivalent of $30 in bitcoin. But hundreds of the Chivo accounts were hacked, and the money was stolen along with the account owner’s identity.
> [...] only 1.3% of remittances have been transferred using digital wallets that use cryptocurrencies, according to the most recent data from the central bank
> The move to bitcoin has been an undeniable success for El Salvador, says Andrés Engler, a journalist specialized in cryptocurrencies and former editor for Latin America of the crypto website Coindesk. [...] "[...] If you ask anyone in the industry about El Salvador, they will recognize it and will probably name Bukele straight away. From that point of view, it seems to have been effective."
It seems that bitcoin's rollout as a practical matter, as a tool for everyday people, is a goal that has lagged behind the political win for Bukele in terms of name recognition. At best, with an open mind, it makes sense that a certain amount of time and education are necessary for anything as new as a digital wallet. This is especially true considering how volatile bitcoin has been. At worst, I don't know, it feels kind of cynical.
I'd like to understand better how his government is actually conducting the rollout and education effort. What metrics are they studying? What does their vision of success look like?
Also, it's a little suspicious that the government's bitcoin holdings aren't made public. Maybe someone from there who understands better can explain.
- scrubs 3y agoAgree. The article read more like political success not practical success in moving money. Volitale value also does not help the average Joe with purchasing decisions either