Since El Salvador legalized Bitcoin as a major tender, President Neb Bukele has used Twitter on numerous occasions to announce BTC acquisitions in the country. However, ALAC El Salvador – a non-governmental anti-corruption office – was recently refused information from the state development bank, BANDESAL, regarding Bitcoin purchases and sales in El Salvador.
As a development bank in El Salvador, BANDESAL has established a $150 million trust fund to ensure convertibility into dollars for citizens and merchants. A request to disclose the possession of Bitcoin in El Salvador has been denied due to confidentiality reasons.
Excerpt from BANDSEL’s response to ALAC El Salvador – Non-Governmental Anti-Corruption Office. Source: ALAC El Salvador
ALAC El Salvador refuted the refusal by highlighting that the BTC purchases were made using public funds. Their official statement was translated into:
“Confidentiality limits the ability of citizens to access and receive information about operations carried out with public funds by BANDESAL.”
In the rejection statement, BANDESAL said that no information regarding the Bitcoin Trust (FIDEBITCOIN) can be shared by the trustee or its board of directors to protect national interests.
Publicly available information indicates that El Salvador has bought 2,301 BTC so far, which over the past year decreased in value from $103.9 million to about $45 million.
Related: Crypto-friendly city of Lugano and El Salvador sign economic agreement based on adoption
Adding to the country’s accumulated pressure to have enough bitcoin purchases to last a full year, Spain has overtaken El Salvador to become the third largest cryptocurrency ATM center in the world.
El Salvador took third place after installing 205 ATMs to support the country’s booming Bitcoin economy, which accesses a network of 212 crypto ATMs. However, Spain recently registered 215 active ATMs, which represents 14.65% of European facilities.