Crypto

Information about buying bitcoins in El Salvador cannot be made public: trustee | Cryptocurrency

Since El Salvador legalized bitcoin ($20,623 BTC) as a public tender, President Naib Bukele has taken to Twitter numerous times to announce the country’s acquisition of BTC. However, ALAC El Salvador, a non-governmental anti-corruption body, was recently denied information from state-owned development bank BANDESAL about buying and selling bitcoins in El Salvador.

As El Salvador’s development bank, BANDESAL has set up a $150 million trust fund to guarantee dollar convertibility for citizens and merchants. A request for disclosure of El Salvador’s bitcoin acquisition has been denied on privacy grounds.

ALAC El Salvador denied the rebuttal, pointing out that the BTC purchases were made with public funds. Their official statement is translated to:

Confidentiality limits the ability of citizens to access and receive information about transactions conducted by BANDESAL with public funds.

In its disclaimer, BANDESAL stated that no information related to the Bitcoin Trust (FIDEBITCOIN) can be shared with the trustee or its board of directors to protect the national interest.

Public information suggests that El Salvador has purchased 2,301 BTC to date, which has dropped in value from $103.9 million to around $45 million over the past year.

On top of the country’s growing pressure to have enough Bitcoin purchases throughout the year, Spain has taken El Salvador’s place as the world’s third largest cryptocurrency ATM hub.

El Salvador climbed to third place after installing 205 ATMs to support the country’s thriving bitcoin economy, a network of 212 cryptocurrency ATMs. However, recently there were 215 active ATMs registered in Spain, representing 14.65% of all installed in Europe.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.