"Bitcoin crashes on first day as El Salvador's legal tender", 08 September 2021

...Angry protests, technological glitches and a plummet in value marked the first day of El Salvador adopting Bitcoin as legal tender...

The rollout of bitcoin in El Salvador was far from what President Nayib Bukele would have envisaged when he began his bold experiment. Platforms such as Apple and Huawei weren't offering the government-backed digital wallet, known as Chivo, and servers had to be pulled offline after they couldn't keep up with user registrations. But, as the day went on, Chivo began appearing on more platforms and was accepted by the likes of Starbucks and McDonald's.

The government has even given Salvadorans $30 each of Bitcoin to encourage its adoption. It says bitcoin could save the country $400m a year in transaction fees on funds sent from abroad. However, using data from the World Bank and the government, the BBC calculates this to be closer to $170m...

"We must break the paradigms of the past," President Bukele tweeted. "El Salvador has the right to advance towards the first world."

Ed Hernandez runs a family shop in San Salvador where customers buy essentials like rice, beans and cleaning products. He's well and truly on board.

"During the pandemic, it will be nice not to use physical cash," he told the BBC, adding that it protects him from customers paying with counterfeit notes...

More than 1,000 protesters gathered outside the country's supreme court, where fireworks were set off and tyres were burnt.

Beyond financial instability, some say the adoption of Bitcoin may fuel illicit transactions...