The citizens of El Salvador are facing issues with the Chivo wallet mobile application. Chivo wallet is a government-issued and regulated cryptocurrency wallet that allows citizens to purchase Bitcoin. It is worth mentioning that El Salvador holds the record for becoming the first country in the world to use Bitcoin as a legal tender.
The Central American nation plans to provide financial service access to the better part of the population. According to President Nayib Bukele, El Salvador will benefit from the low transaction fees and save billions of dollars in remittance transaction costs per year. However, some people are facing technical issues with the Chivo wallet.
The local media outlet New Scientist recently reported that there are around 50 complaints launched by the users of Chivo wallet thus far. The users have been facing issues like glitches, crashes, and missing reserves. Meanwhile, the government has not responded to the complaints thus far.
When President Bukele decided to introduce Bitcoin as a legal tender in the country, it was met with protest from the local business community, IMF, and many other countries. However, the government has thus far been able to go about the transition without a huge margin of error. With the new financial shift, the larger unbanked population of the country will be able to access financial benefits like an investment.
El Salvador Plans to Power Bitcoin Industry with Geothermal Energy
With Bitcoin working as the central financial driver, the eyes of the whole world are set upon El Salvador. A good number of Bitcoin ATMs have been planted in the region. Bukele also plans to create a new Bitcoin city that will attract commercial investors from all parts of the world. Furthermore, El Salvador is also working on addressing the biggest critical point of Bitcoin.
Ricardo Navarro is the head of Center of Appropriate at El Salvador. He recently told the media that the government plans to utilize geothermal energy for mining Bitcoins. He added that the current pressure from the mining power consumption is extensive on the existing power generation grid. However, with the addition of geothermal energy, the balance could be restored.