El Salvador’s Development Bank Refuses To Reveal Its Bitcoin Records
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Answer El Salvador’s Development Bank Refuses To Reveal Its Bitcoin Records
On Sunday, the Anti-Corruption Authority revealed that BANDESAL, the development bank of El Salvador, refused to provide information about government purchases of bitcoin.
In a tweet late over the weekend, the El Salvador Anti-Corruption Legal Advisory Center (ALAC), which provides legal assistance to citizens speaking out against corruption, shared a document from the bank.
In the document, BANDESAL Bank says it cannot disclose confidential information.
Last September, BANDESAL Bank refused for the second time to provide information on the purchase and sale of bitcoin by the Salvadoran government, claiming confidentiality and maintaining the principle of maximum publicity and proportionality.
For your information, BANDESAL Bank is responsible for managing the funds that the Salvadoran government uses for its Bitcoin projects.
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The small Central American country last year became the first country in the world to adopt cryptocurrency as legal tender.
The ALAC criticized the bank for taking such action.
In a tweet, the agency said:
Confidentiality limits the ability of citizens to access and receive information about operations carried out with public funds by BANDESAL.
In addition to legalizing bitcoin in the country, forcing companies to accept the asset, the Salvadoran government also launched a state-sponsored crypto wallet and gave its citizens $30 worth of cryptocurrency to spend.
Bitcoin ATMs have been made available and spread all over El Salvador, so that citizens can spend their needs freely in many different places.
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The idea was to get Salvadorans – and tourists – as excited about bitcoin as the country’s president.
Earlier, President Najib Bukele bought a lot of bitcoin on his phone.
In fact, the only information anyone has about El Salvador’s bitcoin purchases comes through the president’s Twitter ads (the president tweets every time he buys bitcoin).
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So far, the Salvadoran president has spent $107 million on bitcoin, according to data from the Nayib Tracker website.
The bear market for cryptocurrencies currently means that the president’s investment is down by $58 million.
The government said this year that El Salvador’s president’s bitcoin law poses risks to the US financial system.
The International Monetary Fund, the World Bank and JP Morgan also said the move was bad news.
But despite the criticism, President Bukele remains hugely popular in Latin America, with a CID Gallup poll released earlier this month showing that the leader has the highest approval ratings in Latin America.
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