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Rancor and Dissatisfaction In Bitcoin City, El Salvador As Citizens Claim Loss Of Crypto Assets

Gilbert Perry

ByGilbert Perry

Dec 29, 2021

El Salvador, popularly known as the Bitcoin City, is currently experiencing backlash from its citizens. Some Salvadorians have claimed that some or all of their crypto funds are missing in their state-issued Chivo crypto wallets.

El Salvador issued cryptocurrency wallet owners in the country took to social media Twitter to vent their anger and lodge complaints about the disappearance of their funds from their wallets. Tweets tagging the country’s president Nayib Bukele have featured over 50 Salvadorians lodging their complaints directly.

The situation reportedly blew up after reports and calls to the wallet proprietary tech support bore no fruit.

El Salvador’s Chivo Crypto Wallet

The Central American country is a pioneer of many fronts in the global crypto industry. It became the first country to adopt the Bitcoin cryptocurrency as a legal tender in September.

Shortly after its bumpy ride to crypto legal adoption, El Salvador leveraged this success as a stepping stone, furthering its vision for sustained and independent economic growth by rolling out its proprietary crypto wallet, the Chivo cryptocurrency wallet.

Chivo was summarily introduced to its Salvadorians shortly after its Bitcoin success and subsequent CBDC release revelation. Salvadorians optimistic about the country’s continued success following its initial economic growth after BTC adoption rallied en masse to obtain their own Chivo wallets.

The rollout of the wallets was a resounding success, another milestone the country crushed in its ambitious journey to conquer the crypto world.

El Salvador’s Crypto Journey Up Till Chivo’s Roll Out

Outside of skeptics and critics’ expectations, the central American country has done well globally in the crypto space. Despite setbacks in its growth, the government continues to take it in stride.

Early this year in January, El Salvador was just another tiny South American country on the world map, having no significant relevance in the world’s global Finance space. However, the nation has grown to become one of the most relevant nations in the world’s global crypto space.

The growth process featured the ambitious vision of a visionary leader, El Salvador’s president Nayib Bukele. At the beginning of 2021, El Salvador was set to become a failed country economically. It couldn’t sustain any form of socio-economic growth in the past decade.

However, In the first quarter of the year, President Bukele turned to the rapidly growing crypto industry for salvation. However, all saw this as a ridiculous gamble that might not yield a desirable outcome; however, it was a welcome development for members of the global crypto community.

Bukele advocated for comprehensive industry regulations and pushed for radical adaptation of cryptocurrency in the country, which he summarily achieved.

Since El Salvador adopted Bitcoin as legal tender, the country has rolled out a couple of national policies to build on the previous success. On Schedule Deployment of its Central Bank Digital Currency (CBDC)and the continuous acquisition of crypto assets, in the form of BTC, among others, are crypto-related activities the country has succeeded in completing.

As part of its goals to develop its crypto sector comprehensively, El Salvador plans to establish a volcano-powered geo mining city in its biggest volcano for global crypto miners. The government set aside a budget of $480 million to complete this project.

The success of El Salvador’s short and long-term plans will effectively shut International skeptics like the International Monetary Fund (IMF) and various critics in the community up. 

The success, however, will not come without setbacks. Speaking of setbacks in its growth process, the latest development that has seen Salvadorians go ballistic on social media Twitter is another significant hurdle the central American country will have to cross.

Gilbert Perry

Gilbert Perry

Gilbert Perry, a proficient contributor at Big Trends Signals, combines his rich trading experience and excellent writing skills to deliver comprehensive guides and detailed online trading reviews.

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