El Salvador’s Anti-Corruption Legal Advisory Center (ALAC), a body tasked with holding the government accountable for corruption-related practices. come out to declare that her request for Bitcoin details (BTC) government investments through BANDESAL, the country’s development bank, were rejected twice.

It’s not immediately clear why ALAC is asking for details, but given its ideologies, it appears ready to call President Nayib Bukele to account for consistent bitcoin purchases, a move that has earned him the label of the region’s most bullish cryptocurrency president.

Savior came out as the first country in the world to legalize Bitcoin and make it official legal tender on its shores as early as September 2021. While President Bukele has been accused by critics of acting like a dictator in an attempt to achieve a record at the time, the country’s parliament approved a $150 million bitcoin trust into law at the beginning of September, shortly before cryptocurrency became legal tender less than a week later.

Ever since legal tender was declared equal to the US dollar, the government went on a rampage, buying bitcoins with government funds every “Dip”, a time when the price of Bitcoin or any asset is depressed enough to make it a good time to buy.

When investors typically take advantage of price declines, it is often in anticipation of good growth at a time that usually peaks profits.

El Salvador took a big risk in its bitcoin purchases, but its expectations may not have been met as prices have fallen by more than 70% since the cryptocurrency began its decline from an all-time high (ATH) of $68,000 in November last year. . This slump caused a loss in El Salvador’s assets it will cost about 11 million dollars since January of this year.

Bitcoin City, the Veterinary Center and other planned initiatives are currently on hold in the hope that the market will recover quickly.

Image source: Shutterstock

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