El Salvador adds 150 more Bitcoin to its reserve

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TL;DR Breakdown:

  • El Salvador has purchased an additional 150 Bitcoin, raising its holdings to 700 BTC.
  • Meanwhile, there is a complaint filed against the government, which seeks to review their Bitcoin debuts. 

The government of El Salvador has remained bullish on the largest cryptocurrency, despite complaints raised by a human rights organization in the country regarding their Bitcoin rollouts. In a tweet on Monday, Nayib Bukele, the president of El Salvador, disclosed they had purchased an additional 150 Bitcoin (BTC). 

El Salvador now holds 700 BTC 

The El Salvadoran government added 150 more Bitcoin to their reserve, which is worth over $6.7 million at the current price of $44,964 per BTC. In total, the country now has 700 Bitcoin to its name (an equivalent of +$31 million). The first 400 Bitcoin was purchased on September 6, and 150 Bitcoin on “Bitcoin Day.”

For the record, the Central American nation is the first country to officially recognize and adopt Bitcoin as a legal tender. The government also made provisions to bootstrap adoption and easy use of the cryptocurrency in the nation. They introduced a native wallet dubbed Chivo, including Bitcoin ATMs, for the swift experience. 

Court may probe El Salvadoran govt.

The El Salvadoran Court of Accounts may probe the government for their moves on Bitcoin, according to reports. A human rights organization known as Cristosal filed complaints with the law court on September 10 to review funds the government allocated towards the installation of the crypto machines and also the Bitcoin purchases.

The complaint was made against six members of the Board of Directors for the $150 Bitcoin Trust mapped out for the investments in Bitcoin. It also included members of the Finance and Economy ministries of the country. 

“Having admitted the complaint, it will be proceeded to carry out the legal analysis report and, in a timely manner, forward such report to the General Audit Coordination,” the Court of Accounts noted. 

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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