El Salvador made its mark in history as the first country to legalize Bitcoin as an official currency. Ever since declaring Bitocin legal tender, the country has achieved marvelous things in terms of economic and infrastructural development. Despite progress and development on the surface, President of the country Nayib Bukele has often shown shades of authoritarianism. So much so that he went on to call himself the coolest dictator in the world. Unfortunately for the people of El Salvador, Bukele does show signs of dictatorship. It is most evident in the way El Salvador manages and accounts for its Bitcoin reserves.
Media outlets in the country recently published reports about the unavailability of Bitocin transaction information in public databases. According to these reports, Bitcoin adoption in El Salvador has been more of a failure since the people have no idea where their money is going. In the past, various international bodies have also questioned the way El Salvador operates and deals with funds. The IMF had expressed uncertainty about El Salvador’s proposed Bitocin city, which will be the first of its kind in the world.
Experts are now expecting President Bukele to be more transparent about where the government is spending taxpayers’ money. Failing to do so indicates deep corruption on the government’s part. If El Salvador has to continue operating on Bitcoin and be the global leader in that, transparency is non-negotiable. In many ways, Bukele has turned the purpose of cryptocurrencies on its heels and seems to be using national policies for personal gains