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        {"code":"27601","sect":"El Salvador","sect_slug":"el-salvador","hits":"849","link":"https:\/\/elfaro.net\/en\/202410\/el_salvador\/27601","link_edit":"","name":"Chivo Wallet Founders Lead El Salvador\u2019s Free Trade Negotiations with China","slug":"chivo-wallet-founders-lead-el-salvador-rsquo-s-free-trade-negotiations-with-china","info":"In August, President Nayib Bukele sent a delegation to talks to establish a free-trade agreement with China. The leaders of his economic cabinet delegation are the founders of the company Chivo, which manages the government\u2019s public cryptocurrency wallet.","mtag":"Politics","noun":{"html":"\u003Cspan class='tint-text--dark' data_href='\/user\/profile\/jalvarado'\u003E Jimmy Alvarado\u003C\/span\u003E","data":{"jimmy-alvarado":{"sort":"jalvarado","slug":"jimmy-alvarado","path":"jimmy_alvarado","name":"Jimmy Alvarado","edge":"0","init":"0"}}},"view":"849","pict":{"cms-image-000041073-jpg":{"feat":"0","sort":"41073","name":"cms-image-000041073.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041073.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041073.jpg","back":"","slug":"cms-image-000041073-jpg","text":"&lt;p&gt;Raymond Villalta (front) and \u00d3scar Figueroa (right), during a meeting with Chinese officials to discuss a free trade agreement between El Salvador and China.&lt;\/p&gt;","capt":"\u003Cp\u003ERaymond Villalta (front) and \u00d3scar Figueroa (right), during a meeting with Chinese officials to discuss a free trade agreement between El Salvador and China.\u003C\/p\u003E"},"cms-image-000041074-jpg":{"feat":"0","sort":"41074","name":"cms-image-000041074.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041074.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041074.jpg","back":"","slug":"cms-image-000041074-jpg","text":"&lt;p&gt;In the center: \u00d3scar Figueroa (left) and Raymond Villalta (right), founders of Chivo S.A de C.V., the company that operates the cryptocurrency business promoted by the Bukele brothers and the government. And now, El Salvador\u2019s negotiators with China in free trade talks.&lt;\/p&gt;","capt":"\u003Cp\u003EIn the center: \u00d3scar Figueroa (left) and Raymond Villalta (right), founders of Chivo S.A de C.V., the company that operates the cryptocurrency business promoted by the Bukele brothers and the government. And now, El Salvador\u2019s negotiators with China in free trade talks.\u003C\/p\u003E"},"cms-image-000041075-jpg":{"feat":"1","sort":"41075","name":"cms-image-000041075.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041075.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041075.jpg","back":"","slug":"cms-image-000041075-jpg","text":"&lt;p&gt;Raymond Villalta (center) and \u00d3scar Figueroa (right, red tie), during a meeting with Chinese officials to discuss a free trade agreement between El Salvador and China.&lt;\/p&gt;","capt":"\u003Cp\u003ERaymond Villalta (center) and \u00d3scar Figueroa (right, red tie), during a meeting with Chinese officials to discuss a free trade agreement between El Salvador and China.\u003C\/p\u003E"},"cms-image-000041076-jpg":{"feat":"0","sort":"41076","name":"cms-image-000041076.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041076.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041076.jpg","back":"","slug":"cms-image-000041076-jpg","text":"&lt;p&gt;Meeting with Salvadoran representatives and Chinese officials to discuss a free trade agreement between El Salvador and China.&lt;\/p&gt;","capt":"\u003Cp\u003EMeeting with Salvadoran representatives and Chinese officials to discuss a free trade agreement between El Salvador and China.\u003C\/p\u003E"}},"pict_main__sort":41075,"date":{"live":"2024\/10\/14"},"data_post_dateLive_YY":"2024","data_post_dateLive_MM":"10","data_post_dateLive_DD":"14","text":"\u003Cp id=\"docs-internal-guid-b877e45f-7fff-48a3-39f5-b1f872d47bc3\" dir=\"ltr\"\u003E\u003Cem\u003E\u003Ca href=\"\/es\/202409\/el_salvador\/27549\/los-fundadores-de-chivo-wallet-lideran-la-negociacion-del-tlc-con-china\"\u003ELeer en espa\u00f1ol\u003C\/a\u003E\u003C\/em\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EOn August 31, El Salvador\u2019s Ministry of Economy and the Investment and Export Promotion Agency (\u201cInvest In El Salvador\u201d) announced on the social media platform X that a Salvadoran delegation had met with its Chinese counterpart in the first round of talks aimed at signing a bilateral free trade agreement (FTA). The Salvadoran delegation was led by Raymond Villalta, executive director of the company Chivo S.A de C.V, which manages the Salvadoran government\u2019s eponymous cryptocurrency wallet. He was joined by \u00d3scar Mauricio Figueroa Torres, who until December 2023 had served as deputy director of Chivo S.A. de C.V.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cThis week I had the opportunity to participate in the first round of FTA negotiations between China and El Salvador,\u201d tweeted Villalta, whose \u003Ca href=\"https:\/\/x.com\/raymondfva\"\u003EX profile\u003C\/a\u003E described him as \u201cAdvisor to the Government of Nayib Bukele and a specialist in Psychology and Public Project Management. \u201cI was joined by an important delegation from the finance cabinet of President @nayibbukele,\u201d \u003Ca href=\"https:\/\/x.com\/RaymondFVA\/status\/1830118261599477937\"\u003Ehe added\u003C\/a\u003E.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EVillalta mentioned that \u003Ca href=\"https:\/\/x.com\/RaymondFVA\/status\/1830121616212181104\"\u003Eamong the topics included in the trade agreement discussion\u003C\/a\u003E were the protection of intellectual property, exchange of services, recognition of legal frameworks, and access to new markets and digital economies. \u201cThis is how we concluded the first round of negotiations and we will be in touch again very soon,\u201d Villalta wrote.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe Chinese government has made important investments in El Salvador in the interests of the Bukele administration: It built a library in the Historic Center of San Salvador, it renovated the pier at the Port of La Libertad, and it has promised to construct a new soccer stadium in the capital. Bukele has said that China is providing El Salvador with \u003Ca href=\"https:\/\/diario.elmundo.sv\/pol%C3%ADtica\/bukele-resalta-500-millones-de-cooperacion-de-china-en-medio-de-crisis-con-eeuu\"\u003E$500 million in investments\u003C\/a\u003E.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe Central Reserve Bank of El Salvador (BCR) has classified all information on the use of Bitcoin for sending remittances as confidential, but when this information was still available, data showed that \u003Ca href=\"\/es\/202206\/el_salvador\/26217\/Bukele-va-perdiendo-la-apuesta-por-el-bitcoin.htm\"\u003E98 percent of remittances\u003C\/a\u003E were still being sent as they had been before the passage of the Bitcoin Law. There is no public data available on the opening of crypto startups or whether this sector has created any jobs. A survey conducted in 2023 by Central American University\u2019s Institute of Public Opinion (IUDOP) showed that \u003Ca href=\"https:\/\/www.laprensagrafica.com\/economia\/Bitcoin-no-termina-de-convencer-a-los-salvadorenos-20240712-0097.html\"\u003E88 percent of El Salvador\u2019s population\u003C\/a\u003E never used Bitcoin for any financial transactions.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E    \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=4000&ImageHeight=2669&ImageId=41076 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Meeting with Salvadoran representatives and Chinese officials to discuss a free trade agreement between El Salvador and China.\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Meeting with Salvadoran representatives and Chinese officials to discuss a free trade agreement between El Salvador and China. \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe Macroeconomics and Development Area Coordinator for El Salvador\u2019s National Development Foundation (FUNDE), Rommel Rodr\u00edguez, says that a treaty with China would put certain sectors of the Salvadoran economy to the test. \u201cChina can compete in all areas of our economy. It can potentially affect local production,\u201d he said, pointing to the risk that some sectors will not be able to compete with Chinese companies, while adding that there are also some export products from El Salvador that could find markets in China. \u201cThere\u2019s also the possibility of making inroads into certain niche markets, such as coffee,\u201d he said.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ERodr\u00edguez says there are also potential advantages for the financial sector, given that the trade agreement could lower capital costs. \u201cLocal banks do not handle the same volumes as Chinese banks, which are very large, and public banks may be making inroads,\u201d he said, referring to the possibility of Chinese banks opening lines of credit for El Salvador. He also highlighted some challenges in the digital economy: \u201cWe have an FTA with the United States and they have their standards, and we want to establish an agreement with China: Take the case of TikTok, for example, where there has been a difference in the approach of both countries, and with the security of devices such as cell phones.\u201d In March 2024, the \u003Ca href=\"https:\/\/www.nytimes.com\/article\/tiktok-ban-bill-congress.html\"\u003EU.S. Senate discussed banning TikTok in the country\u003C\/a\u003E if the app\u2019s owners do not sell it to a non-Chinese company, due to concerns that the Chinese government could request the personal information of U.S. citizens that the app collects. Controversy has surrounded the two countries in light of U.S. accusations against Chinese phone makers for their weak personal data protection policies.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E    \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=4000&ImageHeight=2670&ImageId=41073 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Raymond Villalta (front) and \u00d3scar Figueroa (right), during a meeting with Chinese officials to discuss a free trade agreement between El Salvador and China.\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Raymond Villalta (front) and \u00d3scar Figueroa (right), during a meeting with Chinese officials to discuss a free trade agreement between El Salvador and China. \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EDespite completing his first term as president, Bukele never made his economic plan public. So far, he has also neglected to provide details during his second five-year term, though he did \u003Ca href=\"\/en\/202407\/el_salvador\/27514\/bukele-hints-at-economic-plan-lsquo-farmer-rsquo-s-markets-rsquo-and-tech-parks\"\u003Eoutline the plan on July 16\u003C\/a\u003E, promising to create \u201cfarmer\u2019s markets\u201d and \u201ctech parks.\u201d But to date the government has not released any document detailing the strategic steps of that plan, nor a timetable to set and track goals. During his first five years as president, Bukele had promised to use international creditors to prioritize the completion of \u201cPlan Cuscatl\u00e1n\u201d \u2014his \u003Ca href=\"https:\/\/especiales.elfaro.net\/es\/cuscatlan\/\"\u003Enational development plan\u003C\/a\u003E launched before the 2019 presidential election\u2014 and other sector-specific plans. Although Bukele received and spent \u003Ca href=\"\/es\/202405\/el_salvador\/27427\/los-7-767-millones-en-deuda-que-sostuvieron-a-flote-al-primer-gobierno-de-bukele\"\u003E$7.769 billion in credit disbursements\u003C\/a\u003E during his first five-year term, the President \u003Ca href=\"https:\/\/especiales.elfaro.net\/es\/cuscatlan\/\"\u003Efailed to comply with three quarters\u003C\/a\u003E of the campaign promises included in Plan Cuscatl\u00e1n. The destination of the funds received through these disbursements remains confidential. The announcement of the negotiations for a free trade agreement is the first official event in which Bukele has outlined some of the priorities of his economic cabinet for his second five-year term.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cstrong\u003EChivo Wallet managers\u003C\/strong\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EVillalta is an owner and manager of the company Chivo S.A de CV, which, since Aug. 24, 2021, has managed the operations of the government\u2019s cryptocurrency wallet. The name of the company prior to that date was Inversiones El Salvador No. 1. The Bukele government\u2019s crypto wallet, managed by Chivo, was created using an initial capitalization of \u003Ca href=\"\/es\/202109\/el_salvador\/25707\/La-Chivo-Wallet-es-una-empresa-privada-financiada-con-fondos-p%C3%BAblicos.htm\"\u003E$60 million in public funds\u003C\/a\u003E taken from the Development Bank of El Salvador (BANDESAL) \u2014 a withdrawal intended exclusively for the purchase of bitcoins.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe implementation of this policy cost at least \u003Ca href=\"\/es\/202109\/el_salvador\/25707\/Chivo-es-una-empresa-privada-financiada-con-fondos-p%C3%BAblicos.htm\"\u003E$203 million in the last quarter of 2021\u003C\/a\u003E, according to the legislative decree approved on August 31 of that same year, which brought the Bitcoin Law into force. From that moment on, all information regarding purchases from digital service providers, contracts with software development companies, and the purchase of Bitcoin ATMs has been shrouded in secrecy. Some information has been made available thanks to companies that won contracts and then made the information public. For example, in financial statements released in 2023, Athena Holdings El Salvador reported that it had received a $1,500,000 loan (disbursed on September 15, 2021) and that it had used this credit to comply with commitments made to the Ministry of Finance, which had awarded the company a contract. The contract (CD 04\/2021) is described as \u201cATM services for financial operations of the Bitcoin cryptocurrency at the national level.\u201d Athena Holdings El Salvador provided 200 ATMs as collateral for the loan.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EVillalta was deputy manager of Citizen Participation, a division of the San Salvador Mayor\u2019s Office, when Bukele served as mayor of the city under the banner of the FMLN (from 2015 to 2018). Villalta is a member of the ruling Nuevas Ideas party and has participated in zoning projects in Santa Ana with members of the Bukele clan.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u00d3scar Figueroa, who served as Chivo\u2019s second-in-command from its founding until December 2023, when he was removed from the position and replaced by Luis Alejandro Pineda Flores, also appears in some of the photographs of the meetings with Chinese officials.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp\u003E\u003Cbr\/\u003E    \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=2000&ImageHeight=1333&ImageId=41074 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"In the center: \u00d3scar Figueroa (left) and Raymond Villalta (right), founders of Chivo S.A de C.V., the company that operates the cryptocurrency business promoted by the Bukele brothers and the government. And now, El Salvador\u2019s negotiators with China in free trade talks.\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E In the center: \u00d3scar Figueroa (left) and Raymond Villalta (right), founders of Chivo S.A de C.V., the company that operates the cryptocurrency business promoted by the Bukele brothers and the government. And now, El Salvador\u2019s negotiators with China in free trade talks. \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EFigueroa\u2019s father is Jaime Mauricio Figueroa Ibarra, who during El Salvador\u2019s armed conflict was a member of the Fuerzas Armadas de Liberaci\u00f3n, the armed wing of the Communist Party. Figueroa\u2019s father is popularly known by his nom de guerre: Comandante Chep\u00f3n, and is a loyal ally of Jos\u00e9 Luis Merino, one of the three most powerful men in the FMLN, the party that governed the country for ten years (2009-2019). Comandante Chep\u00f3n also owns a gas station that got its start as a fuel importer thanks to an $80 million-dollar contract awarded by Inversiones Energ\u00e9ticas (INE).\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe government owns a stake in INE through the Hydroelectric Executive Commission of R\u00edo Lempa (CEL), the public energy commission that manages hydroelectric dams in El Salvador. Between 2009 and 2010, INE paid Figueroa\u2019s parents\u2019 company (Infitorr) $34 million. Eleven days after INE made its last disbursement to Infitorr, the Salvadoran oil company \u003Ca href=\"\/es\/202110\/el_salvador\/25788\/Las-sombras-de-Alba-Petr%C3%B3leos-en-Chivo.htm\"\u003EAlba Petr\u00f3leos\u003C\/a\u003E requested the \u201cseizure of the company\u2019s own assets\u201d, according to case file 4-4CM-13-A, from the Second Civil Chamber of the First Section Center Court. Alba Petr\u00f3leos is a Salvadoran private petroleum conglomerate run by FMLN leaders and funded by FMLN mayor\u2019s offices and the Venezuelan government.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe free trade talks with China are taking place while the government of El Salvador awaits a response from the International Monetary Fund regarding the possible signing of an agreement that would give the country access to $1.3 billion in credit \u2014 talks that have been stalled in part due to concerns over a law that establishes Bitcoin as legal tender in El Salvador.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EIn March 2022, the U.S. Senate Foreign Relations Committee asked the Biden administration to look into the implications of El Salvador\u2019s \u003Ca href=\"https:\/\/www.foreign.senate.gov\/imo\/media\/doc\/05-11-23_aces_act.pdf\"\u003Eadoption of the Bitcoin Law\u003C\/a\u003E, in the framework of the \u201cAccountability for Cryptocurrency in El Salvador Act,\u201d or \u201cACES Act.\u201d Republican Senator Jim Risch warned that the adoption of Bitcoin had the potential to weaken U.S. sanctions policy and pointed to the \u003Ca href=\"https:\/\/www.foreign.senate.gov\/press\/rep\/release\/risch-menendez-cassidy-introduce-legislation-to-mitigate-risks-of-el-salvadors-adoption-of-bitcoin\"\u003Eempowerment of actors such as China\u003C\/a\u003E and organized crime organizations as potential risks.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp\u003E\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp style=\"text-align: right;\" dir=\"ltr\"\u003E\u003Cem\u003E*Translated by Max Granger\u003C\/em\u003E\u003C\/p\u003E"}

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