The Anti-Corruption Legal Advisory Center (ALAC) of El Salvador, which offers citizens legal support when speaking out against corruption, disclosed a document in a tweet from BANDESAL that asserts that revealing “secret” information is not permitted. The El Salvadoran government uses the money to support its Bitcoin projects, and BANDESAL is in charge of handling them. Last year, the tiny Central American republic became the first country in the world to accept cryptocurrencies as legal tender.
BANDESAL’s action was criticised by ALAC because they think that “confidentiality limits the possibility for citizens to access and receive information on the operations carried out by BANDESAL with public funds.”
The Salvadoran government developed a state-sponsored cryptocurrency wallet when it declared Bitcoin as a legal tender in the nation. It forced businesses to accept the commodity, and offered its residents $30 worth of the cryptocurrency to spend.
It was intended to get Salvadorans and visitors as enthusiastic about Bitcoin as the nation’s young president, Nayib Bukele. There are numerous bitcoin ATMs throughout San Salvador, and many surf sites allow travelers to spend their seats freely.
Additionally, President Bukele purchased several Bitcoins using his phone. The leader’s tweets are the only source of knowledge about El Salvador’s purchases. As per data from the website Nayib Tracker, he has spent $107 million on bitcoin.
The Salvadoran government developed a state-sponsored cryptocurrency wallet, made Bitcoin legal tender in the nation, forcing businesses to accept the commodity, and offered its residents $30 worth of the cryptocurrency to spend.
It was intended to get Salvadorans and visitors as enthusiastic about Bitcoin as the nation’s young president, Nayib Bukele. There are numerous bitcoin ATMs throughout San Salvador, and many surf sites allow travelers to spend their bitcoin freely.
Additionally, President Bukele purchased several Bitcoins using his phone. But actually, the only knowledge anyone has regarding El Salvador’s purchases is from the president’s tweets. As per data from the website Nayib Tracker, he has spent $107 million on bitcoin, and the current state of the market means the bitcoin portfolio is down $58 million.
American government officials, the IMF, and the World Bank have said President Bukele’s Bitcoin bill “posed risks” to the country’s financial system. Additionally, the action was deemed to be bad news by financial institutions like JP Morgan. Per a poll conducted earlier, President Bukele is still well-liked despite the complaints, demonstrating that the leader enjoys the highest levels of support in Latin America.