El Salvador, a global pioneer in using Bitcoin as legal tender, has launched its own platform providing public access to BTC investment data through a customized mempool.
Tl;dr
- El Salvador currently holds 5,748.76 BTC, worth over $352.8 million.
- This move marks a new level of financial transparency in government operations.
- The government added 31 BTC to its reserves last month.
- The country transferred over 5,600 Bitcoin to a cold wallet for security reasons.
A Financial Revolution in El Salvador
In an unprecedented innovation and financial transparency effort in governance, El Salvador, as per the latest information from the mempool, holds 5,748.76 BTC, valued at over $352.8 million.
The New Government Transparency
This revolutionary step by El Salvador sets a new standard in the financial world and confirms the idea advocated by Bitcoin and cryptocurrency enthusiasts: that of an immutable public ledger.
On May 12, the Bitcoin Office agency, owned by the Salvadoran government and responsible for overseeing all BTC-related projects, announced this update through their official X account.
Commitment to Bitcoin
Since adopting Bitcoin as legal tender in 2021, El Salvador has been strengthening its commitment. In addition to tracking its reserves, mempool data shows that the government acquired an additional 31 BTC last month.
This purchase is part of President Nayib Bukele’s Dollar-Cost Averaging (DCA) policy, announced in November 2022. As previously reported, the president pledged to buy one bitcoin per day “as long as Bitcoin remains affordable with fiat currencies.”
The country’s commitment to its Bitcoin reserves was also demonstrated by transferring over 5,600 Bitcoin to a cold wallet, considered a more secure storage option.
An Act Applauded by the Crypto Community
The crypto community also welcomed this initiative by El Salvador. “The government of El Salvador publishes its BTC reserves so that anyone in the world can audit its Bitcoin reserves in real-time at any time,” said Criptolawyer, a well-known figure in the Latin American crypto community and founder of the legal advisory and consultancy firm Legalrocks specializing in Bitcoin.