President Bukele, who made bitcoin the country’s 2nd official currency, announced that the excess guarantee fund due to the rise in bitcoin would be used to build a veterinary hospital.
In El Salvador, the virtual currency, which became official alongside the dollar on September 7, is guaranteed by a fund of 150 million dollars. “As the value of bitcoin has gone up”, Salvadoran President Bukele explained on Twitter on Saturday, this fund now finds itself with a “surplus” of four million dollars. This sum will therefore be partly devoted to the construction of a veterinary hospital. “Bitcoin is good for pets,” the president concluded.
Badly received decision
The government has justified the establishment of bitcoin as legal tender by the possibility of thus reducing the transfer fees on the sums sent to the country by the three million Salvadorians who live abroad, therefore 2.5 million in the United States. , and which represent 22% of the country’s GDP. These fees, according to the government, are about $ 400 million per year.
Despite this, the decision was badly received by a majority of the population, who say they do not trust cryptocurrency, while world economic bodies believe that this system would only reinforce inequalities in the country.