The popular crypto trading place El Slavador’s development bank denied revealing the data of Bitcoin transactions to the nation. This small country has positioned itself in a remarkable place by adopting the greatest digital assets ever invented across the world.
El Salvador is the first nation in the world to recognize bitcoin as a legal tender. Users believed that by using bitcoin, they would be able to digitize their currency and reduce their reliance on traditional currency in the United States.
In this country, there is a separate administration called BANDESAL which inspects each and every bit of data related to bitcoin transactions in the nation. Now the organization has refused to share the information with the users by saying “the information was confidential.”
In January 2022, the country’s finance officials released data showing 4 million users in the country had authenticated the nation’s digital wallet. The Salvadoran government purchased their first Bitcoin on September 6, 2021, buying 200 bitcoins at $10.36 million (USD). And the last transaction was on June 30, 2022, when the country purchased 80 coins with the cost of $19,000 (USD).
Recently, a survey conducted in the nation shows 77.1% said the country’s administration should stop utilizing the public funds to buy bitcoins. But the country’s administration had argued that adopting bitcoin in the state would help to recover the economic conditions of other industries.
The president of the nation, Nayib Bukele, stated that “adopting bitcoin, alongside crime reduction and surfing, was responsible for the speedy recovery of the tourism industry. He further added that bitcoin has the capability to benefit 70% of the country’s population who are lacking access to the banking facilities in the nation. It also helps to generate employment services for the youth and will attract investors across the nation.
Source: https://www.thecoinrepublic.com/2022/11/02/el-salvador-bank-refuses-to-reveal-bitcoin-transaction-details-the-information-was-confidential/