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El Salvador disables Bitcoin price visibility on app to stop scalping
Chivo App, El Salvador’s BTC wallet, will limit the visibility of Bitcoin prices and eliminate a feature called "freezing" to prevent scalping.
Previous versions of the app allowed users to “freeze” Bitcoin prices for one minute and compare the rate with other exchanges and see if the Bitcoin price went down or up.
Operators would then take advantage of an asset’s price fluctuations in low timeframes to make transactions.
The team behind Chivo is working on adding a trading feature that will let operators trade with BTC with any modality, but with the asset’s price display in real-time.
Upon launch, El Salvador failed to consider crypto traders’ capacity to leverage a situation for their benefit.