El Salvador's President noted that the Federal Reserve is a non-federal organisation with no reserves. They steal your money and savings, which is unethical. It is not only immoral, but it also contradicts fundamental economic principles such as saving.
Since then, the Latin American country has been amassing Bitcoin in its Treasury. President Bukele attacked the US Federal Reserve in his most recent interview, calling it immoral. He also accused the Federal Reserve of the United States of depriving the common guy of his fortune.
El Salvador's President stated that the Federal Reserve is nothing federal and has no reserves. They steal you of your wealth and savings, which is immoral. It is not only immoral, but it also undermines basic economic principles such as saving.
El Salvador has been criticized by countries and major organisations such as the IMF for declaring Bitcoin legal tender. They have also received criticism for their ambitions to issue Bitcoin bonds and work on a Bitcoin city.
El Salvador is risking heavy losses on its Bitcoin assets as Bitcoin enters a major downturn this year. As per Nayib Tracker data, the country has spent more than $107 million. The value of the same has been cut in half to $57 million.
However, El Salvador's Finance Minister Alejandro Zelaya stated earlier this year that the Bitcoin strategy is working well. He also stated that the consequences will take time to become apparent.
El Salvador Developments Doesn't Disclose Bitcoin Stats
Although the Latin American country claims that its Bitcoin plan is working well, the El Salvador Development Bank has refused to publish its Bitcoin records.
The Anti-Corruption Legal Advisory Center (ALAC) of the government shared a document from the bank in which it stated that it cannot disclose "private" information. ALAC reported:
“Last September, BANDESAL refused to release information on the acquisition and sale of Bitcoin by the Salvadoran government for the second time, citing reserve and violating the principle of maximum publicity and proportionality.”
BANDESAL is in charge of managing funding for the government's Bitcoin projects on their behalf. ALAC also attacked BANDESAL, saying, "The confidentiality inhibits people' ability to obtain and receive information on BANDESAL's operations conducted with public funds."
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