El Salvador was recently the first country to legalize bitcoin. However, traders are exploiting the "wallet app" state-issued bitcoin to quickly make a quick profit.
Protests against Bitcoin have occurred in El Salvador REUTERS/Jose Caezas via Alamy
El Salvador's decision to become the first country to legalize bitcoin on June 9th has been met by protests, beset with market volatility, fraud and technical problems. The Central American nation had to suspend a key function of Chivo Wallet. This smartphone app, which was issued by the government, allowed users to store and trade bitcoins. Economic traders were profiting from it.
Nayib Bukele, president of El Salvador, has praised bitcoin as a means to get rich.