El Salvador has Limited Exposure to Bitcoin: Dante Mossi

As per recent reports, El Salvador's exposure to cryptocurrencies

including bitcoin, remains modest, despite being the first country to adopt bitcoin as legal tender.

Dante Mossi, Chairman of the Central American Bank for Economic Integration (CABEI), recently spoke in a Bloomberg interview that El Salvador's exposure to cryptocurrencies is limited.

Previously, in December 2022, the multilateral lender granted El Salvador $450 million in advance of a bond payment due in late January. It is worth noting that the bank has aided the government by providing the majority of the funds required to repay the loans.

Notably, Mossi addressed the "real situation in El Salvador":

“We've seen this exposure and believe it's minor - not significant. We want investors to understand the real situation in El Salvador.”

In November 2022, President Nayib Bukele stated that the country will purchase one bitcoin every day beginning tomorrow.

As per Crypto India's statistics, the country had previously purchased 2381 BTC at an average price of $45004, resulting in a total loss of 63.2% on the BTC purchase. However, the country's exact BTC holdings are still unknown.

As per the words of Mossi, the International Monetary Fund (IMF) will continue with its Article 4 mission, presenting El Salvador with a macroeconomic review and suggestions.

Furthermore, CABEI partnered with the government of El Salvador to assemble information on debt sustainability, including El Salvador's cryptocurrency disclosure. Also, the bank barred the country from purchasing any digital assets with the recently allocated capital, stating that the usage of the revenues will be monitored for six months.

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