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Bank of El Salvador withholds information on bitcoin purchases



The Development Bank of the Republic of El Salvador (Bandesal) has denied a new request from the country’s anti-corruption body asking for information on bitcoin (BTC) buying and selling transactions made by the government of Nayib Bukele.

The complaint was made by El Salvador’s Office of Legal Advice and Anti-Corruption (ALAC) on the evening of Sunday, October 30 on its account on Twitter. According to that entity, the banking institution has twice refused to provide the requested information.

Bandesal’s communication, signed and stamped by the head of the bank’s Substitute Information Office, states that the information regarding the purchase of bitcoin by the government “has the character of confidentiality.”

The above classification prevents the bank from providing the data requested by the anti-corruption bureau. In this regard, Bandesal argues that the denial of the request is intended to “safeguard the interests of the bank and other parties involved.”

Development Bank of the Republic of El Salvador. Has played a major role in thepolicy of Bukele on bitcoin. So much so that this institution was chosen by the Legislative Assembly for the creation of a voluntary association. A trust fund of $150 million.

The objective of the fund is to. take the risk that Salvadoran citizens might take in trading bitcoin, given its volatility. With this money, citizens also received a $30 bonus in bitcoin as a way to encourage its use, as reported by CryptoNoticias.

According to ALAC, Bandesal’s first refusal to provide information. was a year ago. At that time, the office reported that the financial institution withheld information on the process of contracting Chivo Wallet services for the implementation of BTC in the said trust.

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What information does the AMLA require?

Bandesal’s own memo shows what data is required by the ALAC for its anti-corruption work.

In general terms, the organization wants to know what are Bukele government has made in connection with the purchase of BTC. In detail, it requests information on the management of assets in the government’s custody and transactions with BTC.

At the same time, they demand to know the minutes in which the board of trustees of the trust approves bitcoin trading.

They also demand to know the current BTC balance of these accounts, as well as their dollar value. The requests include knowing the addresses of the wallets of cryptocurrencies used by the Bukele government to purchase and loot BTC and the exchanges involved in the process.

Added to this is the amount of public funds the Salvadoran government has allocated for the purchase of bitcoin, and the addresses of the wallets associated with the maintenance and operational Of the Chivo platform.

Finally, ALAC requested a list of foreign contractors, including companies and individuals, “that the government has paid for bitcoin-related projects in the past year.”

According to the Central American country’s local press, the Development Bank of the Republic of El Salvador. is not the only state organization that has refused to provide information on the management of public funds for BTC trading.

Indeed, underline that the Presidential House, the Ministry of Economy, the Ministry of Finance, the Central Bank and the Congress, also do not want to report on bitcoin movements.

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