El Salvador buys 410 bitcoins for 15 million dollars, announces Bukele

San Salvador, Jan 21 (Latest) .- The president of El Salvador, Nayib Bukele, announced this Friday on Twitter the purchase of 410 more bitcoins worth 15 million dollars, which are added to the 1,220 bitcoins bought since September last year by the Government.

“El Salvador has just bought 410 #bitcoin for only 15 million dollars,” the president published on the social network.

El Salvador has acquired 1,220 bitcoins since the beginning of September, when the country became the first in the world to adopt bitcoin as legal tender.

The Legislative Assembly authorized the Government more than 200 million dollars to implement the project, which has become one of the main economic bets of the Bukele Government.

Apart from the president, no official source provides information in El Salvador about bitcoin transactions made with state funds.

In fact, the adoption of the crypto asset is led by a private company created by an autonomous entity of the Government.

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For its part, the state Development Bank of El Salvador (Bandesal) manages 150 million of the more than 200 and declared that all the information is under banking secrecy, so the population cannot know it.

On November 20, 2021, the president announced the construction of a bitcoin city and the purchase of more cryptocurrency for which bonds would be issued for 1,000 million dollars in these assets, without knowing details.

The International Monetary Fund (IMF) recently pointed out that the issuance of these bonds did not enter into the evaluation of the economy of the Central American country carried out by experts from the financial institution.

This is the “2021 Article IV Mission Completion Statement of Staff”.

The mission also warned that bitcoin “should not be adopted as legal tender” due to the risks it represents, such as its “high volatility”, the “great risks to consumer protection, the integrity of the financial system and financial stability”. “.

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