Reports of Fraud Mar El Salvador’s Bitcoin Journey

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In a week that saw bitcoin rocket to adjacent erstwhile highs, El Salvador’s ain expansive experimentation with embracing the crypto arsenic ineligible tender seems to beryllium getting immoderate pushback.

At this writing, bitcoin is trading astatine much than $61,000, good wrong highs of astir $64,000. But the mechanics of getting bitcoin much firmly entrenched into El Salvador’s regular beingness is proving to beryllium a challenge. Security issues person arisen, according to reports.

La Prensa Grafica reported that individuality theft done the Chivo wallet has been connected the rise. Those who assertion to person been victimized person said their Unique Identity Document (DUI) had been utilized to retreat the $30 successful bitcoin that is tied to the wallet downloads. Those alleged victims said they had not downloaded the applications oregon received immoderate of the bitcoin – but the IDs had been utilized to download the apps and retreat the $30 successful bitcoin.

Elsewhere, successful an introspection of however radical are spending their bitcoin, the aforesaid tract noted that galore individuals person been withdrawing their bitcoin tokens, embracing dollars to bargain what they need. In different examples, societal media sites similar Facebook are dotted with offers to bargain the $30 worthy of bitcoin for $25 successful cash, via slope transportation oregon payments connected physics platforms.

In the meantime, determination is grounds that authorities efforts volition clasp bitcoin successful paying for nationalist works and assorted projects. In 1 example, José María Chicas, from the New Ideas enactment and politician of Ilopango, has said that the municipal assembly agreed to acquisition a bitcoin. The profits volition reportedly beryllium utilized to concern municipal projects.

And successful different example, President Nayib Bukele said the state volition put immoderate of the $4 cardinal successful gains stemming from its ain bitcoin holdings to physique a veterinary hospital. The authorities volition reportedly money the task by drafting dollars from its bitcoin spot account.

Por lo tanto, la empresa estatal Chivo puede disponer de 4 millones de dólares, misdeed afectar el monto del fideicomiso.

Esto se hace manteniendo la misma cantidad de #BTC, aunque se reduzca la cantidad de USD.

Por lo que podemos invertir 4 millones de dólares en algún proyecto.

— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021

According to La Prensa Grafica, Banco Hipotecario has aligned with 4 blockchain-focused companies to beforehand the usage of bitcoin. The firms partnering with the slope see TESOBE (described arsenic the institution down the Open Bank Project); API3, which is focused connected astute contracts; Qredo, an plus absorption company; and Sovryn, a trading and lending platform.

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