Good article on how El Salvador’s BTC Chivo wallet became a software disaster.
- The KYC that never was
“…And within the first 150 sign-ups on the platform, the, the vendor for KYC compliance crashed. And government of El Salvador had, especially President Bukele, had staked pretty much his entire career on the successful rollout.
So the government of El Salvador made to eliminate the KYC, the KYC vendor from the process so that the Chivo Wallet registrations could continue.
They wanted to hit their 50,000-user initial launch point. But because they turned off KYC, there was literally no supervision whatsoever. Anybody on the platform could sign up and get 30…”this twitter thread.