BANDESAL bank denies revealing El Salvador’s bitcoin investments
BANDESAL bank denies revealing El Salvador’s bitcoin investments

El Salvador’s BANDESAL bank denies revealing bitcoin investments

Nayib Bukele, who is the president of El Salvador, the Central American country has recently claimed to have purchased a total of 80 bitcoin at the whopping cost of $107 million. He claimed this through his Twitter handle. Contrary to this, the nation’s regulatory and development bank, BANDESAL has denied revealing any details about these transactions or the purchase actuality in the public domain.


BANDESAL bank denies revealing El Salvador’s bitcoin investments
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What Nayib Bukele, president of El Salvador did recently?

On the first of July, this year, the president of El Salvador, Nayib Bukele announced that he has purchased around 80 bitcoin at a total cost of around $107 million. He announced this through his Twitter account along with complete transaction details to the world.

Considering the recent fall of cryptocurrency in the last few months this move by the bukele is considered insanity. This is because the investments are now decreased to $58 million after the recent fall in the crypto market.

The suspicious fact of all the issues is that this these purchase operations are done by the president from his phone and not from any official purchase procedures.

Where is El Salvador located?

The country El Salvador is seen as a small Central American country. The country is bordered by some other crypto-loving countries like Panama, Bahamas, etc. The country is considered the first country in the world to adopt cryptocurrency as a legal tender. After adopting the currency as a cryptocurrency any citizen in the country can use cryptocurrency for all financial activity within the boundaries of the country, abiding by countries central bank’s approval for this transaction.

As per the legal tender acceptance in the county, any individual or business has to accept cryptocurrency or crypto assets for any type of financial transaction in the country. The country has also launched its state-sponsored cryptocurrency wallet called Chivo in which the citizens can be able to get up to $ 30 free airdrop bitcoins, which they can use for any type of traction in the country.

This move is taken by the country to increase the caverns of the new cryptocurrency regulation in the country. The move is taken by the country to boost the travel economy of the country with the help of fostering the tourist mined provisions in the country.

What is El Salvador’s development bank, BANDESAL?

The BANDESAL also called El Salvador’s development bank is the bank that works for proving all the facilities for economic development in El Salvador. The bank is also considered responsible for all the cryptocurrency fund’s management along with the Bitcoin projects in the country.