El Salvadorans complain of missing Bitcoins from government-issued crypto wallets

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El Salvadorans complain of missing Bitcoins from government-issued crypto wallets

 El Salvadorans complain of missing Bitcoins from government-issued crypto wallets
Image source: Chinnapong,Shutterstock

Highlights

  • El Salvadorians have taken to Twitter to report missing Bitcoins from their government-issued crypto wallets.
  • The people have claimed that Bitcoins have been vanishing mysteriously from their Chivo wallets.
  • According to a series of tweets, nearly US$96,000 worth of Bitcoins were missing as of now.

Months after El Salvador became the first nation to recognise Bitcoin as legal tender, hundreds of its citizens have taken to Twitter to report about missing Bitcoins from their government-issued crypto wallets. The people have claimed that Bitcoin had been vanishing mysteriously from their Chivo wallet - a crypto wallet designed for citizens to facilitate transactions in Bitcoin.

According to a series of tweets, nearly US$96,000 worth of Bitcoins were missing from Chivo as of now.

Even as Salvadoran President Nayib Bukele's move to embrace cryptocurrencies was historic, several global bodies such as the International Monetary Fund (IMF) warned against the move, in view of risks related to the volatility associated with cryptocurrency. Several large banks and financial institutions have begun to accept cryptocurrency, leveraging the Chivo wallet.

There has been no official statement so far from the federal government or concerned authorities on the issue. Chivo wallet’s Twitter account also shows no activity after 2 November 2021.

Meanwhile, El Salvador now has close to 1,500 Bitcoins in its reserve. It adds up to US$76,417,935. Currently, Bitcoin is trading at over US$47,000 on international exchanges like CoinMarketCap.

 El Salvadorans complain of missing Bitcoins from government-issued crypto wallets

Why did El Salvador embrace Bitcoin as legal tender?

El Salvador believes that being the first to open its doors to Bitcoin completely will boost its economy. In addition, investors and traders applauded the decision to make Bitcoin legal tender, which refers to money in the form of banknotes and coins that can be used to settle a debt.

Bukele feels that this will inspire Bitcoin investors to invest more capital in his nation. He even intends to use energy from volcanoes to mine Bitcoins utilising El Salvador's state-run geothermal utility.

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