Godfrey Benjamin
01 November 2022 at 20:04
BANDESAL in El Salvador declined a request for its Bitcoin information from ALAC
El Salvador's Anti-Corruption Legal Advisory Center (ALAC), a body charged with holding the government accountable for corruption-related practices, He comes out to announce That her request for details about Bitcoin (Bitcoin) Investments made by the government through BANDESAL, the country's development bank were rejected twice.
It is not immediately clear why ALAC is asking for details, but true to its ideologies, it appears ready to summon President Nayib Bukele to explain his ongoing bitcoin purchases, a move that has earned him the title of the most bullish president on cryptocurrencies in the region.
El Salvador It came out as the first country in the world to legalize Bitcoin and make it an official legal tender on its shores again in September 2021. While critics accuse President Bukele of acting like a dictator in trying to set the record at the time, the country's parliament has been particularly A $150 million Bitcoin Trust has passed into law In early September, shortly before Cryptocurrency Legal tender was submitted less than a week later.
Since the announcement of legal tender, which has the same status as the US dollar, the government has gone on a rampage, Buy Bitcoin with state funds at every decline“, a time when the price of Bitcoin or any asset is low enough that it is a good time to buy.
Typically, when investors take advantage of price declines, it is often in the expectation of charting good growth over time that usually culminates in earnings.
El Salvador took significant risks in its Bitcoin purchases, however, and its expectations may not have been met as prices have fallen more than 70% since the cryptocurrency began falling from its all-time high (ATH) price of $68,000 in November last year. . This recession weakened El Salvador's holdings with losses Coming in at around $11 million As of January of this year.
Bitcoin City, Veterinary Center and other planned initiatives are currently on hold with the hope that the market recovery will be quick.
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