The chairman of the Central American Bank for Economic Integration (CABEI), Dante Mossi, said that bitcoin is not in high demand among the population of El Salvador.
Dante Mossi acknowledged that, in general, since the adoption of bitcoin as legal tender in El Salvador, this cryptocurrency has become more popular. However, the local population is not too interested in using bitcoin. His comments come amid growing criticism and uncertainty about El Salvador’s bitcoin experimentation, especially after the BTC price has more than halved in recent months.
As of July 2022, the government of El Salvador owns 2,381 BTC. In November, the President of the country, Nayib Bukele, announced that the Salvadoran authorities would resume the purchase of a crypto asset and would buy 1 bitcoin daily.
The banker cited Nayib Bukele Portfolio Tracker data as an example, according to which the country spent $109 million to buy bitcoins, but lost more than $51 million due to market volatility. will be used to redeem the bonds next week. According to Mossi, El Salvador authorities are prohibited from using these funds to buy bitcoins, and the use of these funds will be verified in six months.
CABEI is working with El Salvador to collect information, which should also include the local government’s purchase of bitcoin. The resulting data will then be submitted to the International Monetary Fund (IMF) for further guidance.
Recall that in the fall, the State Development Bank of El Salvador, BANDESAL, refused to provide the anti-corruption bureau with data on operations with bitcoin. Therefore, the advocacy group Cristosal recently called on the Bukele administration to ensure full transparency regarding the use of public funds associated with bitcoin.
Source: Bits
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