El Salvador faced a rocky transition in adopting Bitcoin As legal tender on Tuesday, the country adjusted to new technology that will allow payments using cryptocurrency.
The country is the first to use bitcoin as an official currency. Officials struggled to iron out glitches in the new system, which included “cool” the country’s digital wallet, called Chivo.
President Nayib Bukele tweeted Tuesday morning that the national digital wallet would be available Salvadoran in the United States and almost anywhere in the world. But for a time it was not available to anyone, and the country slowed its rollout.
Mr Bukele too announced on twitter Servers were temporarily taken offline as Chivo added capacity and acknowledged problems with downloads. “We like to fix it before reconnecting it,” he said.
Experts raised concerns in June about the hasty adoption of the new currency and the rapid execution of the new technology nationally.
The bold move, celebrated by the international bitcoin community at large, found a more skeptical reception at home and in the traditional financial world that it could bring instability and unnecessary risk to the Central American country’s fragile economy.
Mr Bukele, a tech-savvy millennial, has advocated the adoption of digital currency as a way to bring more Salvador. 70 percent Those who do not have bank accounts in the formal economy. He argued that using cryptocurrencies would make it faster and cheaper to receive remittances from abroad, and could free the indebted nation from the clutches of the traditional global financial system.
Making bitcoin legal tender – along with the US dollar, which the country has relied on since 2001 – is also part of Mr. Bukele’s attraction to crypto entrepreneurs, who often seem like his primary audience. But the technical issues only highlight the practical concerns of crypto enthusiasts. The project also sheds light on philosophical questions about the national adoption of a currency that was designed to thwart total government control over money.
Some worry that the problems with the Salvadoran project could undermine widespread adoption, but the most vocal proponents of bitcoin are trying to generate enthusiasm by lending their support to the effort.
Michael Sayer, chief executive of software intelligence firm Microstrategy, holds billions in bitcoin, $30 to enthusiasts on Monday. encouraged to buy of cryptocurrency in solidarity with the people of Salvador, who have been promised that amount to download a national digital wallet.
El Salvador inspired somewhat by Mr Bukele’s announcement buy 200 bitcoins Will be buying more, bitcoin price rises over the weekend, breaks $52,000 before falling to around $50,000 on Tuesday morning.
In the nearly 18 months since the pandemic first forced companies to have their employees work from home, companies have repeatedly changed plans to bring workers back to offices. January was a full year after the corona virus first appeared in China. January slipped to July, as lakhs of people across the country lined up for vaccination.
But then the vaccination boom peaked, and the highly contagious delta version of the coronavirus sparked another surge in cases. For many companies, September became the new July.
Now September is out as an option, and it is no one’s guess when workers will return to their offices in large numbers, Kellen Browning, Lauren Hirsch and Coral Murphy-Marcos report for The New York Times.
Companies have new variables to consider, including:
mask mandates that have been removed and ordered back.
Evidence that the effectiveness of vaccines, while still strong, may decrease.
Burnt workers who are vaccinated at different rates.
There are also different infection rates across the country and a transfer power dynamic between employers and employees.
“I’ve been in HR for 30 years, and this is probably the toughest crisis I’ve had to deal with,” said Laura Faith, senior director of people experience and operations at Uber. “It’s really about life or death and health and safety.”
In addition to Uber, companies including Google, Amazon, Apple and Starbucks have said they will postpone their return dates to next year. Officials say their reasoning for the long delay is twofold: In addition to keeping employees out of harm’s way, they are seeking to end the roller coaster of anticipated return dates and further delays. Fits and starts make it difficult for employees to plan, and hopefully a distant return date will not need to be re-adjusted.
Intel CEO Patrick Gelsinger admitted in an interview that the new wave of Covid-19 cases “definitely escalated things.”
“It’s challenging for all of us,” he said. “We raise our hopes, we’re ready to return to our quote-indisputable normal life, and then we take a few steps back.”
The rise of the delta version of the coronavirus has disrupted back-to-office plans for many companies, while others have already ordered employees to stay at their desks.
CVS It will require its pharmacists to be fully vaccinated by November 30, while others who interact with patients, and all corporate employees, have until October 31. The company announced to employees that most of its office sites would reopen on Tuesday.
Google It said in July that employees returning to company offices would need to be vaccinated against the coronavirus. He said on August 31 that he would push himself back date of return to office From mid-October to January 10.
starbucks Is “encouraging” employees to vaccinate. The company extended its back-to-office date from October to January 2022.
The California bill would require warehouse employers like Amazon to disclose productivity quotas for workers and would prohibit any quotas that prevent workers from taking state-mandated breaks or using the bathroom when needed, or that employers from complying with health and safety laws.
The law has drawn fierce opposition from business groups, who argue that it will lead to an explosion of costly litigation and that it punishes an entire industry for alleged excesses of one employer.
“They are going after one company, but at the same time they are pulling everyone else in the supply chain under this umbrella,” said Rachel Michelin, president of the California Retailers Association, on whose board Amazon sits.
California plays a large role in the e-commerce and distribution industry because of its huge economy and status as a tech hub and because it is home to the ports through which most of Amazon’s imported inventory arrives. The Empire region inland, east of Los Angeles, has one of the highest concentrations of Amazon fulfillment centers in the country.
Amazon spokeswoman Kelly Nantel declined to comment on the bill, but said in a statement that “performance targets are determined based on actual employee performance” and that they take into account the employee’s experience as well as health and safety. keep. Idea