Among the first countries to use the cryptocurrency Bitcoin (BTC) as legal tender is El Salvador when the country's president, Nayib Bukele plans to double the digital asset even though the crypto market is experiencing a drastic fall at the moment.
President Bukele has reportedly sent a bill to El Salvador's Congress to authorize the sale of $1 billion in volcanic bonds to establish "Bitcoin City" after intending to buy one BTC per day.
Although there are those who write statements about El Salvador's $300 million BTC "Revolution" it may fail as the price of BTC continues to decline by 70% since September 2021 while the country is surrounded by debt.
Bukele has slammed the media for his country's sudden interest in crypto issues, but has never written any news about political corruption involving the theft of $37 billion in national funds.
His accusations related to the politician have resulted in severe criticism from the International Monetary Fund (IMF) with Moody's credit rating agency stating that El Salvador's BTC trading is indeed high risk.
This follows because there are reports that the Chivo wallet registration bonus of $30 made by Salvadorans has disappeared before they can access the system.
The unpleasant statement was reported to have happened when the government of El Salvador planned to establish a National Bitcoin Office (ONBTC) to monitor every local project related to the digital asset.
