One month on, El Salvador's bitcoin use grows but headaches persist

But only a fraction of the Central American nation's businesses have taken a bitcoin payment and technical problems have plagued the government's cryptocurrency app, frustrating even committed users of the technology.

"It took my money but gave me nothing," said Galvez, who had already been using bitcoin successfully for months with another application at an experimental small-scale bitcoin economy project dubbed Bitcoin Beach in the coastal town of El Zonte. Bukele has said three million people have downloaded Chivo, some 500,000 more than initially targeted and roughly half the country's population. In September he said the wallet had 2.1 million active users.

"We're still not sure what benefits the government expected," said Leonor Selva of the National Association of Private Enterprises, one of several business groups that remains skeptical about the rollout.The Bukele government hopes that 2.5 million Salvadorans living in the United States will eventually send remittances through Chivo.

Last month, El Salvador bought 700 bitcoins. Prices initially dropped sharply after the Sept. 7 adoption but surged in late September to reach about $54,000 per coin this week.

Source: Digital Coin News (digitalcoinnews.net)

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