International media questions whether the "honeymoon" with the Bitcoin in El Salvador is already over _ El Salvador News
The failures surrounding the implementation of the Bitcoin Law in El Salvador continue to echo in the various media worldwide, which in recent weeks have reported more recent cases such as constant losses in Chivo's state wallet.
This is the case of the Russian news agency Sputnik, which in a text published yesterday questions whether in El Salvador, "the honeymoon with the Bitcoin is already over."
This is because the media points out that "not even the spectacular futuristic projects announced by President Najib Bukele" are able to enthuse Salvadorans, who are currently suffering the consequences of the high level of inflation (which reached 6.2% between November 2020 and November 2021).
Read: crisis in Kazakhstan puts Bitcoin operations at risk in that country
In addition, Sputnik adds that the volatility of cryptoactive is another reason why people are not entirely convinced to use it, something that adds to the disappearance of funds on the Chivo wallet or identity theft on that same platform.
"many users report irregularities on social networks such as the carrying out of unauthorized transactions in the name of Chivo S.A. de C.V, the company that develops the application, and that because it is private is not bound by certain accountability," the publication highlights, emphasizing the lack of transparency surrounding the company in charge of managing the platform where users store their Bitcoins, something that at the local level has been widely questioned by economists and computers.
Another problem pointed out by the Russian media is that, since the Chivo platform was launched on September 7, 2021 together with the Bitcoin Law, many bots and fake accounts were activated on social networks that offer technical support to users of that virtual wallet with the intention of swindling them.
I know y'all won't believe me but I learned how to change an alternator at 14 thanks to my Lol
— Zaida Nunez 👩🏻🍳 Sat Mar 27 04:32:39 +0000 2021
In addition, Sputnik points to the low demand that ATMs destined for convertibility between Bitcoins and dollars have, citing a Salvadoran who claims that everything related to that platform is "a smokescreen."
On the other hand, he warns about some of the criticisms that the law has received in Salvadoran lands, where it has been stated that it is not sustainable as much as because of the level of public spending that the government has made and the fact that "a few will enrich themselves at the expense of public funds and other people's money."
Sputnik, in addition, takes up another of the most opaque points in the entire process of adopting cryptocurrency in the country: Bitcoins purchases by Bukele and which, so far, total about 1,391 units of that cryptoactive.
The Russian agency collects that the ruler does not report how he pays or where he stores all these Bitcoins, something that, as national and international experts have pointed out, goes directly against the libertarian and transparent philosophy of the Bitcoin community in the world.
Read also: with Bitcoin "I can buy any senator or congressman. I make the laws, "says bitcoiner who visited El Salvador
Questions to Bitcoin City
El anuncio de la Bitcoin City es, probablemente, el más importante desde que la misma Ley Bitcoin fue impulsada y aprobada de manera exprés en la Asamblea Legislativa, y como parte de esa importancia, a parte del enorme gasto de inversión necesario, también ha sido ampliamente cuestionado, últimamente por bastantes voces importantes de la comunidad de Bitcoiners.En este contexto, la publicación de la agencia rusa destaca que el plan contempla una “infraestructura alucinante, al menos en la maqueta”, y reitera sobre los famosos Bonos Volcán que el país emitirá por hasta $1,000 millones para financiar dicho proyecto.Ante esto, también cuestiona si la implementación del criptoactivo ha sido un buen negocio para el país, pues muchos especialistas y entusiastas del Bitcoin, entre ellos Marc Falzon, un bitcoiner y youtuber que visitó el país en septiembre, han advertido que elpaís ha gastado más de lo que ha ganado a partir de la rentabilidad de la criptomoneda.
