El Salvador President Calls the U.S. Fed Immoral, Here’s Why

After a very long, pro-Bitcoin El Salvador President Nayib Bukele gave a public interview with Tucker Carlson of Fox News. Under Bukele’s administration, The LAtAM nation made Bitcoin a legal tender last year.

Since then, the Latin American country has been accumulating Bitcoin as part of its Treasury. During his latest interview, President Bukele slammed the U.S. Federal Reserve calling it immoral. He also accused the U.S. central bank of robbing the common man of their wealth. The El Salvador President said:

“The Federal Reserve is nothing federal and has no reserves. They rob you from your wealth and from your savings and that’s immoral. It’s not only immoral but it also destroys some basic economic principles like saving.”

El Salvador has been criticized by governments and leading institutions like IMF for making Bitcoin a legal tender. They have also received some flak for their plans of floating Bitcoin bonds and their work on a Bitcoin city.

Amid Bitcoin entering a strong correction this year, El Salvador is facing huge losses over its Bitcoin holdings. As per the data from the Nayib Tracker, the country has spent more than $107 million. The value of the same has reduced to literally half at $57 million.

But in an interview earlier this year, El Salvador’s Finance Minister Alejandro Zelaya said that the Bitcoin strategy is working fine. He also said that it would take time for the results to reflect.

El Salvador Developments Doesn’t Share Bitcoin Records

Although the Latin American country has been claiming that things are going fine with its BTC strategy, the El Salvador Development Bank has refused to share its Bitcoin records.

The country’s Anti-Corruption Legal Advisory Center (ALAC) shared a document from the bank wherein it noted that it cannot share “confidential” information. ALAC reported:

Last September @BANDESAL refused for the second time to provide information on the purchase and sale of Bitcoin by the Salvadoran government, alleging reserve and contrary to the principle of maximum publicity and proportionality.

BANDESAL is responsible for managing funds on behalf of the government for their Bitcoin projects. ALAC further criticized BANDESAL adding: “The confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL”.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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