El Salvador takes a crucial step in its Bitcoin revolution. After revealing its treasury reserves via a public mempool, the country is tomorrow launching an unprecedented fundraising in Liquid BTC on Bitfinex Securities, paving the way for a new era of decentralized financial markets accessible to all.
A giant step towards transparency of national BTC reserves
The El Salvador National Bitcoin Office (ONBTC) has just launched its dedicated mempool, developed in partnership with Mempool.space. This innovative platform provides unprecedented visibility into state-held bitcoin reserves.
Thanks to this public distributed ledger, the audit of the country's BTC investments gains simplicity and credibility. A strong commitment to transparency and accountability. According to the live datathe Salvadoran Treasury wallet currently contains 5,748 BTC, or approximately $352 million stored in the wallet address 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo.
“ With this mempool, the government of El Salvador opens its bitcoin reserves to permanent public control, wherever you are in the world“, underlines Criptolawyer, a crypto legal expert recognized in Latin America. A world first that demonstrates the potential of Bitcoin as an immutable and universally accessible ledger.
El Salvador consolidates the foundations of a Bitcoin-based economy
The mempool initiative is part of a global strategy aimed at anchoring Bitcoin at the heart of the Salvadoran financial system. Recently, the country secured its assets by transferring more than 5,600 BTC to a cold wallet. President Nayib Bukele also promised to buy 1 BTC per day as part of his “dollar cost averaging” strategy.
These efforts are paving the way for a new era for Bitcoin-related financial markets. Starting tomorrow, the first Liquid BTC fundraiser from El Salvador will be available on Bitfinex Securities, illustrating the country's desire to build a crypto-oriented economy.
However, this proactive crypto policy is not unanimous. It recently complicated the country's negotiations with the IMF to obtain a line of credit. The domestic Bitcoin wallet Chivo has also been targeted by hackers, highlighting some risks.
In short, with this new milestone in its Bitcoin revolution, El Salvador confirms its status as a pioneer in the adoption of cryptocurrencies at the state level. A unique experience whose success could inspire other nations, despite the challenges ahead.
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