Some of the cash from El Salvador’s state-issued Chivo wallets is reportedly missing, in accordance with many Salvadorans posting on social media.
In a Dec. 16 Twitter thread began by consumer “the commissioner,” at the very least 50 Salvadorans have reported December losses totaling greater than $96,000, following the setup of the Bitcoin (BTC) wallets by the federal government. Some of those transactions have been for as little as $61, however others mentioned they have been missing hundreds or extra.
2- $3,921 pic.twitter.com/fvP8aLHQyP
— El Comisionado (@_elcomisionado_) December 18, 2021
“There is a security flow on the wallet where money and transactions disappeared,” mentioned Luis Guardado in a direct attraction to President Nayib Bukele. “No tech support and only useless calls, where is my money.”
Bukele mentioned in October that 3 million Salvadorans have been utilizing their Chivo wallets, roughly half of the nation’s 6.5 million folks. Since El Salvador’s Bitcoin Law was first proposed in June, many within the nation have opposed the measure for quite a lot of causes, together with the volatility of cryptocurrencies and claims that they have been an unreliable funding for pension funds. Protestors marched by the capital metropolis of San Salvador earlier than the legislation went into impact on Sept. 7, with subsequent protests seeing some folks managing to ransack and burn Chivo kiosks.
Related: President Bukele fires again at critics on ‘Bitcoin experiment’
El Salvador’s president has incessantly taken to social media to advertise the adoption of BTC in addition to associated initiatives, together with utilizing geothermal vitality from the nation’s volcanoes to mine crypto and constructing a Bitcoin City initially funded by $1 billion in BTC bonds. He additionally makes use of the platform to announce his Bitcoin purchases to the world. At the time of publication, the nation’s treasury holds 1,391 BTC — roughly $71 million with the worth of the crypto asset hovering close to $50,000 for the vacations.