Source: blockchain.news
El Salvador’s Anti-Corruption Legal Advisory Center (ALAC), a body tasked with holding the government accountable for practices related to corruption, has go out to testify that your request for details about Bitcoin (BTC) investments made by the government through BANDESAL, the country’s development bank, have been rejected twice.
It’s not immediately clear why the ALAC is requesting the details, but based on its ideologies, it appears ready to call President Nayib Bukele to account for continued Bitcoin purchases, a move that has earned him the label of most optimistic president. on crypto in the region.
The Savior came out as the first country in the world to legalize Bitcoin and make it an official legal tender on its shores in September 2021. While critics accuse President Bukele of acting like a dictator in an attempt to hit the record at the time, the Parliament of the particular country passed the $150 million Bitcoin Trust into law in early September, shortly before the cryptocurrency it became legal tender less than a week later.
Ever since it was declared legal tender, gaining the same status as the US dollar, the government has gone berserk, buy Bitcoin with state funds in each “Dip”, a time when the price of Bitcoin or any asset is depressed enough to present a good time to buy.
Typically, when investors take advantage of price declines, they often anticipate good growth over time that usually culminates in profits.
El Salvador has taken significant risks with its Bitcoin purchases, however, their expectations may not have been met as prices have fallen over 70% since the cryptocurrency started falling from its all-time high (ATH) price of $68,000 in November of last year. . This crash took its toll on El Salvador’s holdings with losses coming in at around $11 million starting in January this year.
Bitcoin City, Veterinary Center and other initiatives that have been planned are currently on hold in the hope that the market recovery will be quick.
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