Cryptocurrency Dictator of El Salvador Nayib Bukele and Three Questions About Bitcoin Adoption

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President Nayyib Bukele, accused in El Salvador and beyond of its borders with authoritarian ambitions, derisively declared himself the “dictator of El Salvador” and continued to lead the cryptocurrency revolution.

On Twitter, used by Salvador’s 40-year-old Nayib Bukele, he changed short description from “Leila’s father” to “Dictator of El Salvador”. The move came after thousands of Salvadorans opposed legal reforms that they said threaten democracy.

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El Salvador “is confidently pursuing a beautiful and independent digital future” – this is how you can characterize the tone of the statements of the majority of statesmen who support the country’s President Nayib Bukele.

“We must disrupt the paradigms of the past,” Boukele tweeted. “El Salvador has the right to become the first in the world.”

However, there are critical voices among the “chorus of universal approval” who want to know the answers to uncomfortable questions that remain unanswered.

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First, the criteria for choosing the developer of the Chivo cryptocurrency wallet, as well as the costs of its support and maintenance, are unknown. These questions remained behind the scenes, since the main informational message of the government was to reduce the commissions of Salvadorans for cross-border transfers. Fun Fact: Initially, Bukele used a personal Twitter account to promote the Chivo Wallet app in the Apple, Google and Huawei app stores.

The second question that causes indignation of “human rights organizations” is how the purchase of bitcoins was agreed. The Accounts Chamber of El Salvador received a request from the human rights organization Cristosal to verify the legality of state purchases of bitcoins and allocate funds for the installation of cryptomats. Moreover, last week Nayib Bukele brought the total reserves of El Salvador to 700 BTC – more than $ 30 million.

The third, but not the last, question is – who is the ultimate beneficiary of El Salvador’s cryptocurrency wallets? Who has access to private keys? Who controls them and actually influences the economy of El Salvador?

These are the main, but not the only questions for Buckel and his government support program for bitcoin in El Salvador.

So far, no one has accused the government of Nayyib Bukele directly of hiding information from the public, but the apparent contradiction between the declared transparency and the lack of public information about the government’s policy towards supporting Bitcoin raises many questions.

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