The government of El Salvador refuses to share details about its BTC – ALAC stack

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El Salvador’s Anti-Corruption Legal Advisory Center (ALAC), a body tasked with holding the government accountable for corruption-related practices, come out and announce that his request for detailed information about Bitcoin (BTC) investments made by the government through BANDESAL, the national development bank was rejected twice.


It is not immediately clear why ALAC is demanding details, but in keeping with its ideology, it appears ready to call on President Nayib Bukele to explain the consistent Bitcoin purchases that have earned him the title of the most bullish cryptocurrency president in the region.

El Salvador became the first country in the world to legalize Bitcoin and make it an official legal tender on its coast in September 2021. While President Bukele is accused by critics of behaving like a dictator in his quest to break the record at the time, the country’s parliament notably passed bill for the $150 million Bitcoin Trust in early September, shortly before cryptocurrency less than a week later it became legal tender.

Since the announcement of legal tender gaining the same status as the US dollar, the government has gone on a rampage, buying Bitcoin with state funds at every “dip”, which is a time when the price of Bitcoin or any asset is depressed enough that it is a good time to trade. purchase.

Typically, when investors take advantage of price declines, they often expect the chart to see good growth over time, which usually ends in profits.

El Salvador took a significant risk in buying Bitcoin, but his expectations may have been misplaced as prices have fallen by more than 70% since the cryptocurrency began falling from its all-time high price (ATH) of $68,000 last November. This crisis has caused losses on El Salvador’s farms, with losses in January this year amounting to approximately $11 million.

Bitcoin City, the Veterinary Center and other planned initiatives are currently on hold in the hope that the market recovery will occur quickly.

Image source: Shutterstock

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