Kiffmeister’s #Fintech Daily Digest (09/07/2021)

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El Salvador launches Chivo wallet as bitcoin becomes legal tender

“El Salvador launched the Chivo wallet today, the same day that a law making bitcoin legal tender in the Central American country went into effect. Mexico-based exchange Bitso will provide the core crypto services for Chivo, which will support free transactions in bitcoin and U.S. dollars. Bitso is working with US-based Silvergate Bank to facilitate the dollar transactions. To support the launch, El Salvador’s government purchased 400 BTC.”

Bitcoin plummets $10,000 on El Salvador’s first day

Meanwhile, shortly after the launch, the government disconnected the Chivo wallet to sort out technical glitches saying they are running tests to make it available for download later in the day. Also, bitcoin fell from highs of $53,000 to as low as $42,800 on Binance and below $40,000 on Huobi, as more than $2.65 billion was liquidated in an hour. During the price drop, El Salvador’s president Nayib Bukele said he is “buying the dip,” and bought a further 150 BTC, bringing total purchases to 650 BTC.

Republic of Panama introduces bill for regulating crypto

“The Republic of Panama introduced a bill on regulating cryptocurrencies, aiming to make the country ‘compatible with the blockchain, crypto assets and the internet.’ The new legislation intends to recognize crypto-assets as an alternative global payment method for ‘any civil or commercial operation not prohibited by the legal system of the Republic of Panama.’ Panama’s new crypto bill does not intend to force obligatory Bitcoin acceptance.” Drops Services with Singapore Dollar amid MAS Warning is removing itself from app stores in Singapore, as well as ending support for trading pairs and payment options in the Singapore dollar (SGD). The move came after the Monetary Authority of Singapore (MAS) placed on the Investor Alert List, which contains the names of unregulated financial services entities illegally offering services in the city-state. The local unit ( has already applied for a MAS license and is currently operating in the country under a granted exemption for a specified period. 

Cardano Plunges as Critics Take Aim at Smart Contract Launch

“Critics are slamming Cardano smart-contract testnet errors and complained that the blockchain wasn’t fit for purpose as a decentralized finance (DeFi) platform. Difficulties around multiple users interacting with the protocol at the same time surfaced as developers launched the long-awaited Alonzo testnet, which introduces smart contracts to the platform for the first time. These concurrency issues meant that the first Cardano dApp—a multi-pool decentralized exchange (DEX) named Minswap—was forced to prematurely shut down its testnet.”