The position of the Salvadoran authorities was not affected by the increased volatility of the first cryptocurrency and the increased pressure from those wishing to sell BTC.
In March, President Nayib Bukele statedthat El Salvador will continue to buy bitcoins every day until “BTC becomes unavailable for purchase with paper money.” The country’s authorities have decided to accumulate state reserves of bitcoins in a special cold wallet in a physical storage facility in the country.
According to BitInfoCharts, a cold wallet controlled by the El Salvador government saved up
Since mid-March, 5,800 BTC (approximately $334 million at current prices).
At the same time, the government continued to work on reforming the banking sector, which will allow start conducting transactions with Bitcoin and US Dollars.
Earlier, Salvadoran media reported that American citizen Corbin Keegan, the self-proclaimed first resident of Bitcoin City in El Salvador, returned to the United States after more than two years of waiting for Nayib Bukele’s promises to build a city of the future to come true.
Source: Bits
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