El Salvador is among those countries which accepted Bitcoin as a legal tender despite the intervention of IMF and World Bank and their advice to do against it. El Salvador has had a rough past few weeks implementing all these regulatory and legal changes around the adoption of Bitcoin as a legal tender, and during these implementations, El Salvador did go a step ahead and set up a crypto wallet by the name of Chivo wallet.
It is a state-controlled Bitcoin wallet, and there was even an advertising scheme that anyone who successfully completes the signup process with this wallet will be awarded $30 in the form of Bitcoin. Last week the Bitcoin wallet controlled by El Salvador went into some major crisis and was behaving out of the ordinary, and for that reason, it was taken down so that it could be viewed by the developer’s team.
President Nayib Bukele also admitted the fact that adopting Bitcoin as a legal tender and rolling out all these changes to support this decision has been a bit of a challenge for them, and they are trying everything in their power to make this transition go as smoothly as possible. The new Bitcoin wallet at the moment is not taking on any new registrations because there are some issues with the back-end code of the app, and it is being looked on as we speak.
El Salvador to Face Emerging Bitcoin Adoption Crisis
President took to Twitter to tweet about this ongoing crisis and has reassured the people of El Salvador that the developer’s team is currently working tirelessly to eradicate these issues. All the applications would be stabilized and made available to the people once all the errors have been resolved. The errors preventing the crypto wallet from working smoothly have been addressed to about 95%, and according to the president’s orders, the wallet could not go live until all the errors have been accounted for.
Looking into the Bitcoin ATMs stretched all across the country, these are working great, and no such error or downtime has been reported on the ATM’s network; as for the wallet, it would be live once again as early as it can.