El Salvador president Nayib Bukele has posted on Twitter several BTC buyouts after the country positioned Bitcoin as a mainstream legal tender.
Despite this, national state development bank BANDESAL blocked anti-corruption watchdog ALAC El Salvador from receiving key information about its activities in Bitcoin transactions.
The news comes after BANDESAL launched a $150 million trust fund to facilitate liquidity of the coin for those using it for individual and business use.
#BITCOIN | En septiembre, @BANDESAL, encargado del Fideicomiso Bitcoin, denegó entregar información por segunda vez sobre la compra y venta de #Bitcoin por parte del gobierno de @nayibbukele, alegando reserva. Informó @ALAC_SV. pic.twitter.com/KE6EiqqBAT
— FOCOS (@focostv) October 31, 2022
The development bank blocked ALAC El Salvador from receiving the data, citing confidentiality. The latter later hit back, stating the bank purchased BTC with public money.
The organisation said in a statement: “The confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL.”
BANDESAL responded, stating it could not share information on its Bitcoin Trust (FIDEBITCOIN) due to national interests. According to public data, El Salvador bought up 2,301 BTC to date, which plummeted from $103.9 million to $45 million over the last year.
The news comes after Spain beat El Salvador as the world’s top spot for crypto after the United States and Canada at 34,345 and 2,653, respectively, data from CoinATMRadar revealed.
Congress Backs Crypto
The news comes after Bukele adopted cryptocurrencies as a national tender for the country following a successful 62-22 vote in favour of the measure in June last year.
Approval of the digital currency would allow citizens abroad to remit money back to their families as the country does not have a sovereign coin, instead relying on the US Dollar.
Bukele said in a statement at the time the move would “bring financial inclusion, investment, tourism, innovation and economic development for our country.”
