According to online sources, the Chivo bitcoin wallet of the government of El Salvador has been malfunctioning for several days. This instability could negatively affect people’s willingness to use the app, which is being actively promoted by President Nayib Bukele.
Over the past few days, Chivo users have been experiencing various problems when interacting with the service, including those related to accessing the wallet, withdrawing funds from special ATMs and verifying data. It is also reported that not all users received the $ 30 bonus previously promised by the government. Numerous posts by citizens of El Salvador on Twitter and Facebook indicate problems.
Bitcoin became the legal tender in El Salvador on Tuesday, and since then, residents of the country have experienced all sorts of difficulties when interacting with the Chivo application, which the government proposed to use to conduct cryptocurrency transactions. In addition to the crashes, over the past few days, Chivo developers have completely stopped the application for maintenance work related to troubleshooting.
The goal of President Bukele’s administration is to get an estimated 2.5 million Salvadorans (about 39% of the country’s population) to start using the Chivo app, which, among other things, has received support for commission-free bitcoin transactions. According to the authorities, this approach will allow residents of the country to save $ 400 million annually in fees for remittances.
Despite the government’s efforts, many Salvadorans are skeptical about Bitcoin and the prospect of using it as an official means of payment. This position is due to the fear of losing money due to the high volatility of the cryptocurrency. According to available data, this year alone, the bitcoin rate has changed by 10% or more over 10 times in just a day.