{"id":139129,"date":"2021-09-19T12:20:55","date_gmt":"2021-09-19T12:20:55","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139129"},"modified":"2021-09-19T12:20:55","modified_gmt":"2021-09-19T12:20:55","slug":"el-salvador-court-to-probe-governments-bitcoin-buys","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/el-salvador-court-to-probe-governments-bitcoin-buys\/","title":{"rendered":"El Salvador Court to Probe Government&#039;s Bitcoin Buys"},"content":{"rendered":"<h3>Key Takeaways<\/h3>\n<ul>\n<li>El Salvador will be investigated over spending related to its Bitcoin rollout following a court filing from a human rights group. <\/li>\n<li>The complaint was filed against six members of the Board of Directors of the Bitcoin Trust. <\/li>\n<li>Many Salvadorans have protested against the government&#8217;s decision to make Bitcoin legal tender.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/08\/23024626\/Phemex-logo-large-no-background.png\"><\/p>\n<p><span>The El Salvador government will be investigated over its Bitcoin rollout following a human rights organization&rsquo;s complaint with the country&rsquo;s Court of Accounts.<\/span><\/p>\n<h2><strong>El Salvador Faces Bitcoin Investigation<\/strong><\/h2>\n<p>An El Salvador court will probe the government&rsquo;s Bitcoin rollout.<\/p>\n<p><span>The investigation comes after the human rights organization Cristosal filed a complaint with the Court of Accounts to review the authorization process El Salvador&rsquo;s Bitcoin adoption. The Court of Accounts is an autonomous body under the constitution of El Salvador that reviews public expenditure and budget transparency.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/09\/15115340\/SIMETRI-banner-square-091521.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/07\/20041635\/5.gif\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bit.ly\/3rrBc6j\" width=\"1\" height=\"1\" border=\"0\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/08\/20040114\/Phemex-Category-Banner-Right-Side-082021.png\"><\/p>\n<p><span>The complaint was filed on Sep. 10 and requests auditing funds allocated by El Salvador&rsquo;s government towards its Bitcoin purchases and the construction of kiosks for Bitcoin ATMs.<\/span><\/p>\n<p><span>El Salvador, led by President Nayib Bukele, made history on Sep. 7 by becoming the first country to make Bitcoin a legal tender.&nbsp;<\/span><span>However, the Bitcoin rollout was affected by technical issues and has faced fierce opposition from various fronts. In recent weeks, many Salvadorans have taken to the streets<\/span><span>&nbsp;to protest against the government&rsquo;s move to adopt the asset.&nbsp;<\/span><\/p>\n<p><span>Notably, the Bukele-led government in El Salvador has sanctioned a $150 million Bitcoin trust fund to invest in the asset. So far, it has bought at least 550&nbsp;Bitcoin, launched a Bitcoin payments app called Chivo, and installed ATMs linked to the app to allow cash withdrawals.&nbsp;<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/09\/15115340\/SIMETRI-banner-square-091521.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/09\/05235752\/Sanctor-demo-day-square.png\"><\/p>\n<p><span>Cristosal&rsquo;s filed the complaint against six members of the Board of Directors of the Bitcoin Trust, including members of the Finance and Economy ministries in El Salvador.&nbsp;<\/span><span>In response, the Court of Accounts has said it will &ldquo;carry out the legal analysis report and, in a timely manner, forward such report to the General Audit Coordination.&rdquo; The Court of Accounts is authorized to impose punitive sanctions against officials for any irregularities in government spending.<\/span><\/p>\n<p><span>In a separate document, Cristosal argued that making Bitcoin a legal tender was completely &ldquo;unconstitutional&rdquo;. The group stated that citizens&rsquo; concerns had been ignored, adding that the ruling government made major changes to the national currency infrastructure without much deliberation.&nbsp;<\/span><\/p>\n<p><span>Other critics have expressed concerns about the volatility of Bitcoin, making it an inefficient tool for real-time payments and technically complex many citizens to use. In an August poll conducted by Salvadoran newspaper La Prensa Gr&aacute;fica, most respondents said that they opposed the Bitcoin law.&nbsp;<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/08\/23024626\/Phemex-logo-large-no-background.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/08\/20040114\/Phemex-Category-Banner-Right-Side-082021.png\"><\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p>Source: <a href=\"https:\/\/cryptobriefing.com\/el-salvador-court-probe-governments-bitcoin-buys\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways El Salvador will be investigated<\/p>\n","protected":false},"author":3,"featured_media":139128,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>El Salvador Court to Probe Government&#039;s Bitcoin Buys - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/el-salvador-court-to-probe-governments-bitcoin-buys\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Salvador Court to Probe Government&#039;s Bitcoin Buys - 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