5 months ago 2 min read

El Salvador's Pro-Bitcoin President Criticizes the US Fed, Calling Them Immoral


Nayib Bukele, the president of El Salvador and a supporter of bitcoin, spoke with Tucker Carlson of Fox News after a protracted debate. The LAtAM nation legalized Bitcoin as money last year under Bukele's rule.

Since that time, the Latin American nation has been building up its Bitcoin Treasury. In his most recent interview, President Bukele attacked the United States. The Federal Reserve has deemed it unethical. Additionally, he charged that the American central bank was depriving the average person of money. The president of El Salvador said:

“The Federal Reserve is nothing federal and has no reserves. They rob you from your wealth and from your savings and that’s immoral. It’s not only immoral but it also destroys some basic economic principles like saving.”

Governments and important organizations like the IMF have denounced El Salvador for approving Bitcoin as legal money. Their ambitions to issue Bitcoin bonds and their work on a Bitcoin city have drawn criticism as well.

El Salvador is experiencing significant losses related to its Bitcoin assets as Bitcoin enters a significant decline this year. The nation has spent more over $107 million, according to figures from the Nayib Tracker. At $57 million, the value of the same has literally decreased by half.

Alejandro Zelaya, El Salvador's finance minister, asserted that the Bitcoin strategy is effective in an interview from earlier this year. He added that it will take time for the outcomes to become apparent.

El Salvador Developments Will Not Disclose Bitcoin Transaction Data

The El Salvador Development Bank has declined to publish its Bitcoin data, despite the Latin American nation's claims that its BTC strategy is succeeding.

A document from the bank stating that it cannot divulge "secret" information was released by the nation's Anti-Corruption Legal Advisory Center (ALAC). ALAC stated:

"Last September @BANDESAL refused for the second time to provide information on the purchase and sale of Bitcoin by the Salvadoran government, alleging reserve and contrary to the principle of maximum publicity and proportionality."

On behalf of the government, BANDESAL is in charge of managing funds for its Bitcoin projects. ALAC added more criticism of BANDESAL, saying:

“The confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL.”
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