BANDESAL, El Salvador’s development bank, has refused to provide information on the government’s controversial Bitcoin buys, an anti-corruption body revealed Sunday.
In a late weekend tweet, El Salvador’s Anti-Corruption Legal Advisory Center (ALAC), which provides citizens legal aid in speaking out against corruption, released a document from the bank. In the document, BANDESAL says it cannot reveal the “confidential” information.
El pasado mes de septiembre @BANDESAL denegó por segunda vez entregar información sobre la compra y venta de Bitcoin por parte del gobierno salvadoreño, alegando reserva y contrariando el principio de máxima publicidad y proporcionalidad. Más información: https://t.co/J2bYYYIgMCpic.twitter.com/IU1738TJ9J
BANDESAL is in charge of managing funds used by the Salvadoran government for its Bitcoin projects. The tiny Central American country last year became the world’s first nation to adopt the cryptocurrency as legal tender.
ALAC criticized BANDESAL for the move. “The confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL,” it said in a tweet.
El Salvador’s government spokeswoman did not respond to Decrypt’s request for comment.
In addition to making Bitcoin legal tender in the country, obliging businesses to accept the asset, the Salvadoran government also launched a state-sponsored crypto wallet and gave its citizens $30-worth of the coin to spend.
Protests in El Salvador escalated Wednesday, on the country’s independence day, with local press reporting citizens’ fury at the country’s new Bitcoin law.
Protestors set fire to a Bitcoin ATM in the capital of San Salvador. Some took to the streets holding placards that read “We don’t want Bitcoin” and “No to dictatorship.” El Salvador on September 7 made Bitcoin legal tender in the country. It is the first country to do so.
The country’s president, Nayib Bukele, slammed citizens on Twitter w...
Bitcoin ATMs are scattered around San Salvador, and backpackers can freely spend their sats at many of the tiny country’s surf spots, Decrypt found.
The idea was to get Salvadorans—and tourists—as excited about Bitcoin as the country’s millennial president, Nayib Bukele.
President Bukele also has bought lots of Bitcoin via his phone. In fact, the only information anyone has about El Salvador’s purchases come via the leader’s announcements on Twitter (he tweets whenever he makes a crypto purchase).
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!
He has spent $107 million on Bitcoin, data from the website Nayib Tracker shows. And the chilly crypto bear market means the leader is down $58 million.
The U.S. government this year said President Bukele’s Bitcoin law “posed risks” to the American financial system. And the IMF, the World Bank, and JPMorgan have also said the move was bad news.
A businessman who asked not to be named described the situation as “insanity.”
“Even BANDESAL does not know how the President has invested the money,” he told Decrypt. “The Bitcoin investments are managed by him from his mobile phone.”
But despite the criticisms, President Bukele remains popular: a CID Gallup poll released earlier this month showed the leader to have the highest approval ratings in Latin America.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Vice President JD Vance is set to headline the world's biggest Bitcoin conference, one year after President Donald Trump spoke at the event.
Bitcoin 2025's organizers announced the news Friday, noting that it would be the first time a vice president has ever headlined a crypto event to make public support of Bitcoin. A source familiar with the vice president's schedule confirmed to Decrypt that he will speak at the conference.
Last year, President Trump spoke at July's Bitcoin 2024 conference i...
Wellgistics Health, a publicly traded healthcare infrastructure firm, plans to accept payments in XRP and will add Ripple Labs’ token to its corporate treasury—aligning the business with a growing list of publicly traded companies that have embraced digital assets in the U.S.
Tampa-based Wellgistics plans to adopt XRP for payments infrastructure that will connect manufacturers directly to pharmacies, the company said Thursday in a statement. The firm's blockchain-powered platform, which is stil...
Bitcoin is coming to the drive-thru.
American fast food chain Steak ‘n Shake said Thursday it will begin accepting the world’s largest crypto at all of its U.S. locations starting May 16, giving its more than 100 million customers the option to pay for milkshakes and burgers in BTC.
“The movement is just beginning,” the company posted on X.
Unlike high-margin retailers, fast food chains run on thin margins and high volume, making Steak ‘n Shake’s Bitcoin rollout a real-world stress test for the...