Wednesday, October 27, 2021

El Salvador government investigates the government’s bitcoin purchase after complaints.

The Takeaway:

El Salvador's Court of Accounts will investigate the government's bitcoin purchases following complaints.

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El Salvador’s Court of Accounts will be investigating the government’s Bitcoin purchases only a week after bitcoin became a legal tender in the Central American country. The court’s investigation, which will also include looking into the construction of kiosks for cryptocurrency ATMs, was prompted by a complaint it received on Sept 10. The regional human rights and transparency organization Cristosal filed a complaint about the implementation of bitcoin in El Salvador. 


Cristosal complained against six members of the Board of Directors of the Bitcoin Trust.

Cristosal had made a complaint against six members of the Board of Directors of the Bitcoin Trust. This group consists of members of the Finance and Economy ministries and the secretariat of Commerce and Investments. Additionally, Cristosal requested an audit of the authorization processes the government utilizes for the purchase of bitcoin. It also requested a review of the construction of the crypto ATMs, which are linked to the digital wallet, Chivo. El Salvador’s Court of Accounts oversees the country’s public resources and can impose sanctions against officials who cannot resolve issues. 


El Salvador became the first country in the world to adopt bitcoin as a legal tender.

The Court of Accounts said in an official document, “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.” One Cristosal official also confirmed that the complaint had been accepted. Earlier this month, El Salvador became the first country in the world to adopt bitcoin as an optional legal tender. It included the building of cryptocurrency ATMs around the country, connected with the government introduced Chivo wallet. The rollout hasn’t been without its fair share of road bumps, but despite these setbacks, the Chivo wallet achieved 500,000 users. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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