According to a tweet from the anti-corruption organization ALAC, El Salvador’s bank BANDESAL has once again rejected a request for records of public Bitcoin transactions. The disclosure of Bitcoin transaction records prompted a response from El Salvador.
The investigation
Citizens of El Salvador wish to report corruption receive legal assistance from the Anti-Corruption Legal Advisory Center (ALAC). This Sunday, the group tweeted a bank document stating that the Salvadoran authorities had forbidden the bank from sharing confidential records of government transactions. The 1st nation to accept Bitcoin as a legal monetary system was El Salvador.
It granted BANDESAL the right to manage the financial aspects of BTC and other cryptocurrencies. With congressional approval, the bank set up the one hundred and fifty million dollars FIDEBITCOIN trust fund to enable the conversion of digital currency into U. S. dollars until September 2021, when El Salvador announces them to be legal tender.
But later during the anti-corruption investigation, the BANDESAL objected to providing transaction records. The Bitcoin Trust (FIDEBITCOIN)’s trustee or board of directors is prohibited from disclosing or releasing information about the trust, according to BANDESAL’s denial statement, in order to defend federal interests.
Statistics show that El Salvador bought more than two thousand Bitcoins, with a worth that fell from about more than one hundred million to about forty-five million dollars within the current bear market in cryptocurrencies.
The adoption of crypto
The government was using funds that belonged to the public to make significant and hazardous Bitcoin acquisitions, ALAC El Salvador argued in response to the denial. Whether the government purchases Bitcoins was still a matter of debate due to the ALAC and government’s mutual misunderstandings. But the government hasn’t changed its mind about passing a law making Bitcoin legal tender.
El Salvador is still trying to get people to use cryptocurrencies widely. Bitcoin can now be used legally to pay for things and services after El Salvador approved its use as a digital currency. The country of El Salvador is pushing for widespread adoption. The latest cryptocurrency wallet to be made available to El Salvador’s citizens is a state-owned one that contains $30 worth of Bitcoins.
