The banking trick with the adoption of Bitcoin as a legal national currency in one single state has been unraveled.
The law comes into force on September 7th. By this time, the Chivo crypto wallet will be ready for downloading and installing on smartphones in Apple and Google app stores. And although its developer is still unknown, and there are no signs of it on GitHub, it is already clear what kind of wallet it is.
According to the available information, this wallet will be compatible with other crypto wallets. Yes, that right.
Only adult citizens who have attained the age of 18 and have a national identity card can install the wallet on their smartphone. Any school kids and first-year students there will not have such a privilege.
For the greater acceptance of the innovation, the government will conduct a real airdrop, distributing $30 to everyone who activated the wallet. Considering the average salary in El Salvador at $214, there will be no end to those who want to. Everyone will install it.
But the main secret of this Chivo under-wallet is that it's not real. It’s the online gateway to the custodial wallet of the provider, most likely the Coinbase exchange. The wallet can be blocked at any time by the decision of government agencies, and the funds arrested.
And the cherry on the cake. At the time of payments and purchases, according to the President of El Salvador Nayib Bukele, only the US dollar will act as a real means of exchange and payment. That's all.
I think Satoshi Nakamoto choked on reading this news. Is this what they really call “Bitcoin”?
Of course, this is a profanation of the very idea of Bitcoin, and it's real purpose is to track citizens and cancel cash.
I am skeptical.