The Bitcoin Office of El Salvador (ONBTC) has launched a site that allows anyone to confirm the treasury holdings of the country, offering a large degree of transparency in its finances. The site, composed as a custom instance of mempool space, a popular block explorer, confirms that the country has been purchasing one bitcoin per day.

El Salvador Reveals Bitcoin Treasury Site, Keeps Buying 1 Bitcoin per Day

El Salvador, the first nation to adopt bitcoin as legal tender, has upgraded its transparency standards regarding its bitcoin holdings. The Bitcoin Office of El Salvador (ONBTC), an organization created to support the cryptocurrency efforts of the Bukele administration, launched on May 13 a site that offers details about the treasury holdings of the nation, and the transactions made involving El Salvador’s addresses.

The site, a custom instance of mempool space, a popular Bitcoin block explorer, offers insight into the recent bitcoin purchases that El Salvador has been executing. The site reports that the bitcoin holdings of the country reach almost 5,750 BTC, which at the time of writing, represents nearly $360 million.

The launch addresses the criticism regarding Bukele’s administration’s management of these announced bitcoin purchases, with some actors calling out the secrecy surrounding these operations made with state funds. For example, the site confirms that the Salvadoran government has been adding one bitcoin to its reserves since some time ago.

This behavior matches the statements of President Nayib Bukele, who has vowed to keep buying 1 bitcoin per day “until bitcoin becomes unaffordable with fiat currencies.”

Nonetheless, it is still unknown if all of El Salvador’s bitcoin holdings are contained in the address monitored by the site. While Bukele disclosed that “a big chunk” of the nation’s bitcoin holdings were transferred to this address, he has not acknowledged these constitute the totality of its reserves. In other undisclosed addresses, El Salvador might have even more bitcoin away from the public eye.

Source : Bitcoin.com / May 14, 2024