On the 30th of October, an anti-corruption body revealed that El Salvador’s development bank, BANDESAL, has refused to provide any information on the government’s controversial Bitcoin records. On the 31st of October, ALAC, the Anti-Corruption Legal Advisory Center of El Salvador, released a document from the bank in a tweet.
ALAC is an institution that provides citizens with legal aid in speaking out against corruption. In the document released from ALAC, it is written that BANDESAL, the development bank, says it cannot reveal confidential information.
BANDESAL is in charge of managing funds that the Salvadorian government uses for its Bitcoin projects. El Salvador, a tiny country in Central America, became the world’s first nation to adopt cryptocurrency as a legal tender last year.
In a tweet by ALAC, the firm criticized BANDESAL for the move. ALAC said that confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL. El Salvador’s government spokeswoman asked about this, but he did not respond.
The government of El Salvador not only implemented Bitcoin legal tender in the country but also emphasized businesses to accept the asset. The government also launched a state-sponsored crypto wallet. The government also gave $30-worth of the coin to spend offer to its citizens.
Moreover, the ATMs of Bitcoin spread around San Salvador. Users can freely spend their seats in this region at many of the tiny country’s surf spots. The intention behind doing this is to get Salvadorans and tourists excited about Bitcoin. Nayib Bukele, the president of El Salvador, is very interested in Bitcoin, as he bought many BTC and trying to make it common in the country.
Bukele has bought lots of Bitcoin through his phone, and according to his website, Nayib Tracker, he has spent $107 million on Bitcoin. However, the government of the US said President Bukele’s Bitcoin law posed risks to the American financial system. Others also criticized this move by the country president, such as IMF, JPMorgan, and the World Bank, who have said the move was bad news.
