El Salvador Archives - Crypto Insider https://cryptoinsider.asia/post_tag/el-salvador/ Crypto and Blockchain News Fri, 01 Jul 2022 09:04:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://cryptoinsider.asia/wp-content/uploads/2021/11/cryptocurrency-icon.png El Salvador Archives - Crypto Insider https://cryptoinsider.asia/post_tag/el-salvador/ 32 32 199368904 El Salvador Purchases 80 Additional Bitcoin at $19K, President Bukele Says https://cryptoinsider.asia/el-salvador-purchases-80-additional-bitcoin-at-19k-president-bukele-says/ Fri, 01 Jul 2022 09:04:13 +0000 https://cryptoinsider.asia/el-salvador-purchases-80-additional-bitcoin-at-19k-president-bukele-says @ Crypto Insider

The last purchase by the Central American country had been in May. El Salvador purchased…

The post El Salvador Purchases 80 Additional Bitcoin at $19K, President Bukele Says appeared first on Crypto Insider.

]]>
@ Crypto Insider

The last purchase by the Central American country had been in May.

El Salvador purchased 80 bitcoin at $19,000 each, President Nayib Bukele said on Thursday.

“Bitcoin is the future. Thank you for selling cheap,” Bukele tweeted, and accompanied the text with screenshots of 40 purchases made on Thursday, which totalled $1.52 million.

El Salvador’s last bitcoin purchase was in May, according to Bukele, when the Central American country acquired 500 coins for a total of $15.3 million, at a price of $30,744 each.

According to CoinDesk data based on Bukele’s announcements, El Salvador is 55.03% down on its bitcoin bet. From September to date, the country has acquired 2301 coins for a total of $103.9 million, but its portfolio is currently worth $46.6 million.

In May, El Salvador Finance Minister Alejandro Zelaya said that the bitcoin amount the country had at that time represented less than 0.5% of its annual budget, adding that the bitcoin losses posed “extremely minimal” risk to the country’s fiscal position.

The post El Salvador Purchases 80 Additional Bitcoin at $19K, President Bukele Says appeared first on Crypto Insider.

]]>
3501
US Senate to Consider Bill Examining El Salvador’s Bitcoin Experiment https://cryptoinsider.asia/us-senate-to-consider-bill-examining-el-salvadors-bitcoin-experiment/ Thu, 24 Mar 2022 04:19:56 +0000 https://cryptoinsider.asia/us-senate-to-consider-bill-examining-el-salvadors-bitcoin-experiment @ Crypto Insider

The bill, which was passed out of committee on Wednesday, generated the displeasure of El…

The post US Senate to Consider Bill Examining El Salvador’s Bitcoin Experiment appeared first on Crypto Insider.

]]>
@ Crypto Insider

The bill, which was passed out of committee on Wednesday, generated the displeasure of El Salvador’s President, Nayib Bukele.

The full U.S. Senate will vote on a bill looking to mitigate risks to the U.S. financial system from El Salvador’s adoption of bitcoin as legal tender, after the bill was passed out of committee on Wednesday.

The “Accountability for Cryptocurrency in El Salvador (ACES) Act” was introduced by Sens. James Risch (R-Idaho), Bob Menendez (D-N.J.) and Bill Cassidy (R-La.) on February 16.

“As El Salvador has adopted Bitcoin as legal tender, it’s important we understand and mitigate potential risks to the U.S. financial system,” Risch said in a statement on Wednesday, adding that the legislation would require the State and Treasury Departments, among other federal agencias, to mitigate risks such as potential empowerment of China and organized criminal organizations.

The bill would also ask the U.S. to monitor remittances from El Salvador.

El Salvador’s President, Nayib Bukele, expressed discontent after the bill received a committee passage.

“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here,” he tweeted on Wednesday afternoon.

El Salvador adopted Bitcoin as legal tender last fall, launching a government-backed wallet and offering incentives for Bitcoin usage. Bukele also announced the country would raise $1 billion through a Bitcoin-backed bond issuance, though this was delayed from its initial planned launch of mid-March.

The post US Senate to Consider Bill Examining El Salvador’s Bitcoin Experiment appeared first on Crypto Insider.

]]>
2970