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Just my observation on El Salvador and the IMF.

I'm currently in process of building the home in El Salvador. Though many will say that the IMF loan and the removal of Chivo and the revisions to the Bitcoin law have done very little to stop Bitcoin adoption there, I can state from firsthand experience that ever since Chivo stopped operating, it's been much more difficult for me to purchase and do business in El Salvador with bitcoin.

Chivo was a resounding success that just wasn't given enough time. I could literally go to anybody, a carpenter, a contractor, the windows guy and ask him if I could send him Bitcoin and they would all say yes because they had access to Chivo.

Yes, there are other apps like Blink, but the fees are astounding when individuals have to withdraw cash at a local bank. One local app that my contractor uses, for example, charges 1% to convert to USD and then there's a 1 to 2% fee when withdrawing at the local bank.

I'm building a house, so I regularly send them, say, $5,000, which translates to quite a bit of fees.

Just wanted to state firsthand how I think the IMF did in fact Dramatically slow down mainstream Bitcoin adoption in El Salvador.

Still a great country.

waxwing 2mo ago 💬 1

But personal Chivo accounts still work, no? And I don't think the ATMs have been removed have they?

Is it specific to merchants? PoS etc.?

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OpnState 2mo ago

Yes, I know that's the case, but Banks stopped accepting transfers from Chivo. The word went around as well that Chivo no longer works or will no longer be supported. And so people just stopped accepting Bitcoin using Chivo.

And ATM is fine if you're withdrawing $100, but I'm talking to mounts that are slightly bigger here. My builder used to be able to go to his bank and transfer from his cheaper, but can't do that anymore without a substantial fee.