El Salvador, the first nation in the world to legalize Bitcoin last year, is now becoming circumspect about disclosing its Bitcoin holdings. When ALAC El Salvador, a non-governmental anti-corruption organization, recently requested information on national BTC purchases and sales from a state development bank, the news was withheld, and the Salvadoran government's suspicious behavior became apparent. The president of El Salvador, Nayib Bukele, has not mainly resisted revealing his nation's Bitcoin acquisitions until this occurrence.
El Salvador bought bitcoins, but the state bank BANDESAL withheld the specifics of those transactions because they were considered secret information that needed to be protected for national security.
" The statement read, "The secrecy restricts people's access to and receipt of information about the activities conducted with public funds by BANDESAL,” the statement read.
El Salvador, the first nation in the world to legalize Bitcoin last year, is now becoming circumspect about disclosing its Bitcoin holdings. When ALAC El Salvador, a non-governmental anti-corruption organization, recently requested information on national BTC purchases and sales from a state development bank, the news was withheld, and the Salvadoran government's very questionable behavior became apparent. The president of El Salvador, Nayib Bukele, has not mainly resisted revealing his nation's Bitcoin acquisitions until this occurrence.
El Salvador bought bitcoins, but the state bank BANDESAL withheld the specifics of those transactions because they were considered secret information that needed to be protected for national security.
"The secrecy restricts people's access to and receipt of information about the activities conducted to significant financial risks.
In May, El Salvador made its most significant Bitcoin purchase to date, purchasing 500 BTC for an average cost of $30,744 (or nearly Rs. 24 lakh per BTC). The overall price of the transaction was about $15.3 million at the time (roughly Rs. 118 crores).
El Salvador has persisted in demonstrating support for Bitcoin despite the International Monetary Fund's (IMF) recommendations against adopting BTC as legal cash.
Bukele has brought measures to extend crypto acceptances and use cases in his nation, from setting up Bitcoin ATMs to developing a government-backed Bitcoin wallet called Chivo for Salvadorans.
However, it is significant that Spain, with 215 operating ATMs, overtook El Salvador to become the third-largest crypto ATM hub earlier this year amid unfavorable market conditions.
With 212 cryptocurrency ATMs, El Salvador occupies the third position right now.