The developers of the Salvadoran crypto wallet have limited the functionality that allows viewing the price of Bitcoin in the process of exchange transactions due to the fact that citizens of the country had started using this functionality to gain an advantage in trading, the developers have explained.
At the moment the exchange is made, Chivo freezes the price for one minute. At that time, users can see the price of Bitcoin on other exchanges. If the price has risen, they buy, taking advantage of the fact that it has not changed on Chivo. If the price goes down, they sell before the change is reflected in the wallet. The developers have written:
"This creates an unlimited source of income. The only limitation is the number of transactions made by users."
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Chivo will now temporarily restrict the display of the frozen price while the wallet switches to the instant exchange mechanism. The developers have stated:
"The final purchase price is always guaranteed to the seller of the product or service. We will soon start displaying the BTC price again for those who wish to trade, but it will be displayed in real time and will not be frozen."
El Salvador's president Nayib Bukele has previously announced citizens convert more dollars into Bitcoins than Bitcoins into dollars.