Cointime

Download App
iOS & Android

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)

Comments

All Comments

Recommended for you

  • BTC breaks through $69,000

     market shows BTC has broken through $69,000 and is currently trading at $69,005.99, with a 24-hour increase of 0.62%. The market is volatile, so please be prepared for risk control.
  • The voting statistics of the seven swing states in the US election will be announced at around 12 noon on November 6 at the latest.

    the seven key states that will have the greatest impact on the presidential election results will close their polling stations from 7pm to 10pm Eastern Time in the United States (8am to 11am on November 6th Beijing Time). As the results are tallied in each state, it is expected that the final outcome will be announced around noon on November 6th Beijing Time. Specifically:
  • BTC breaks through $71,500

    the market shows BTC has broken through $71,500 and is now trading at $71,502, with a 24-hour increase of 0.24%. The market is volatile, so please be prepared for risk control.
  • BTC breaks through $70,500

     the market shows that BTC has broken through $70,500 and is now trading at $70,503.37, with a 24-hour decline of 1.91%. The market is volatile, so please manage your risks.
  • GRASS briefly broke through $1.1

     GRASS has broken through 1.1 US dollars in a short period of time and is currently trading at 1.0512 US dollars, with a 24-hour increase of over 60%. The market is volatile, so please be prepared for risk control.
  • BTC breaks through $71,500

    the market shows that BTC has broken through $71,500 and is now reported at $71,526.32, with a 24-hour increase of 5.61%. The market is volatile, please be prepared for risk control.
  • BTC breaks through $71,000

    according to market data, BTC has broken through $71,000 and is currently trading at $71,000.02, with a 24-hour increase of 4.81%. The market is volatile, so please be prepared for risk control.
  • BTC falls below $68,500

    market shows that BTC has fallen below $68,500, currently reporting at $68,490.25, with a 24-hour increase narrowing to 1.1%. The market is volatile, so please be prepared for risk control.
  • BTC breaks through $68,500

    the market shows BTC has broken through $68,500 and is currently trading at $68,519, with a 24-hour increase of 1.96%. The market is volatile, so please be prepared for risk control.