OCCRP: Nayib Bukele embezzled funds to make Bitcoin legal tender in El Salvador
According to a recent investigation by the Organized Crime and Corruption Reporting Project (OCCRP), Salvadoran President Nayib Bukele misappropriated funds to complete Bitcoin-related projects in the country. The report, released on October 31, stated that the government used resources provided by the Central American Bank for Economic Integration (CABEI) as a loan to fund the process of making Bitcoin a legal currency in the country. The loan was provided by CABEI in 2021 to alleviate the country's economic problems and strengthen financing for small and medium-sized enterprises (SMEs) during the Covid-19 pandemic. According to the investigation, only a small portion ($20 million) of the $600 million loan was used for its intended purpose. According to budget documents reviewed by OCCRP colleagues in the country, $425 million was used to fulfill "general national obligations," with over $200 million of that amount used to help make Bitcoin a legal currency in El Salvador. (Bitcoin.com)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SUI Token Surges as Analysts Highlight Promising Patterns and Predictions
In Brief SUI token demonstrates strong performance with significant recent price increases. Technical patterns suggest potential bullish trends and buying opportunities. Analysts project ambitious targets, including a possible rise to $10 or more.

STX Token Surges as New Financial Opportunities Emerge in the Stacks Ecosystem
In Brief The STX token has surged by 56%, reaching a two-month high. BitGo introduced sBTC to enhance Bitcoin's usability in decentralized finance. Liquidity in the Stacks ecosystem is increasing, attracting more users and developers.

U.S. stocks opened, S&P 500 rose 0.1%
Uniswap Web App Adds LP Rewards Function
Trending news
MoreCrypto prices
More








