No products in the cart.
The Development Bank of El Salvador, BANDESAL, has twice refused to disclose Bitcoin trading records to the government. according to In a tweet on Oct. 31 by the country’s Anti-Corruption Legal Advisory Center (ALAC).
With congressional approval, BANDESAL will raise $150 million in trust funds to facilitate the conversion of Bitcoin to US dollars before El Salvador adopts cryptocurrencies as legal tender in September 2021. Created FIDEBITCOIN
ALAC will provide BANDESAL with information on a fiduciary basis, including dates and amounts related to Bitcoin purchases and sales, time of approval by the FIDEBITCOIN Board of Directors, current balances of FIDEBITCOIN accounts, crypto wallet addresses and account balances. requested to provide. used by the government.
The ALAC also reports on the government’s Bitcoin purchase process and the exchanges involved in that process, the value of public funds used by the government to purchase BTC and maintain Bitcoin-related projects, and the foreign governments hired to support them. I requested disclosure of information about the list of contractors. with the project.
In a statement of denial, BANDESAL declined the ALAC’s request on the grounds that personal information held by the state is confidential and public access is prohibited by constitutional and legal mandate.
bitcoin spending
El Salvador has bought 2,301 bitcoins for around $103.9 million since September 2021. The country’s Bitcoin Volcano Bond, which was intended to raise $1 billion to build Bitcoin City, has been postponed amid growing skepticism about the project’s feasibility and Bitcoin adoption.
YOU MAY ALSO LIKE
To promote Bitcoin adoption, El Salvador also established a network of Bitcoin ATMs and launched a government e-wallet application, Chivo, which offers a $30 sign-up bonus in Bitcoin.
However, El Salvador’s Bitcoin network of 205 ATMs has recently dwindled compared to Spain’s 215 active ATMs. Meanwhile, Chibo’s sign-up bonus caused an increase in identity theft due to technical issues after the wallet’s launch.
El Salvador’s President Nayib Bukele is a big Bitcoin investor, but neither he nor his government have publicly disclosed their investments.
