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El Salvador launched its own mempool to track BTC

The world's first country to accept Bitcoin (BTC) as legal tender has launched a mempool to track its investments in the first cryptocurrency.

Based on the latest data, El Salvador currently has 5,748 BTC in his account, which is valued at approximately $352.8 million.

El Salvador champions transparency

The National Bitcoin Office of El Salvador (ONBTC), which controls all BTC-related projects, announced the opening of a public mempool on X (formerly Twitter):

“El Salvador now has its own mempool, with the help of which anyone can familiarize themselves with our Bitcoin reserves,” wrote representatives of the government agency.

How many bitcoins does El Salvador currently have? Source: ONBTC

El Salvador's mempool data also shows that the country's government purchased 31 BTC over the past month. The Bitcoin purchases are part of the dollar-cost averaging (DCA) strategy that incumbent President Nayib Bukele has been pursuing since November 2022. Under this plan, the Latin American country committed to buying one bitcoin every day.

El Salvador began investing in the first cryptocurrency by capitalization back in 2021. To date, the country has accumulated more than $300 million in Bitcoin.

The cryptocurrency community responded warmly to the creation of a public mempool. Many participants particularly highlighted the government's commitment to transparency of Bitcoin reserves. Thus, the creator of the cryptocurrency law firm Legalrocks wrote:

“The government of El Salvador is publishing its BTC holdings so that anyone in the world can audit the country's Bitcoin holdings in real time at any time. Some countries always want to talk about the negative aspects of using cryptocurrencies, but they forget that despite all the advantages, every transaction can be tracked and cannot be changed.”

Meanwhile, Bitcoin adoption remains moderate among the Salvadoran population. According to a recent study, only 12% of local residents will use BTC at least once to pay for goods or services in 2023.

Compared to 2022, the figure has decreased significantly. During that period, 24.4% of Salvadorans made transactions with Bitcoin.

Source: Cryptocurrency

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