El Salvador Is Making It Easy For Everyone To Know How Much Bitcoin The Country Holds, Launches New Platform Aimed At Fostering Transparency

Benzinga – El Salvador, the first country in the world to adopt Bitcoin (CRYPTO: BTC) as legal cash, launched its own platform to make information on its treasury holdings accessible and transparent to the general public.

What Happened: According to the National Bitcoin Office, an agency tasked by the El Salvador government to oversee all things related to the cryptocurrency, informed via an X post about the launch of a mempool-like space, where details like treasury holdings and Bitcoin transactions in can be tracked 24×7.

For the curious, a mempool already exists for the broader Bitcoin blockchain, where details around blocks, pending transactions, and transaction fees are updated real-time.

At the time of writing, El Salvador had 5,748.76 Bitcoins in its custody, worth more than $300 million. Seven Bitcoins were added to the treasury over the last week, and 31 over the month.

Why It Matters: The latest move by El Salvador sets a new standard for financial transparency in government operations.

It also validated the much-hyped concept of an immutable public ledger, which has been vigorously supported by Bitcoin and cryptocurrency proponents over the years.

El Salvador has doubled down on Bitcoin ever since adopting the world’s largest digital currency as a legal tender in 2021. The country has adopted a plan to buy one Bitcoin every day, until it becomes affordable with fiat currencies.

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The country’s seriousness with regards to its Bitcoin investments was further exemplified when it transferred more than 5,000 Bitcoin to a cold wallet, considered a safer storage option in the space.

Price Action: At the time of writing, Bitcoin was trading just below $61,000, trading flat in the last 24 hours, according to data from Benzinga Pro.

Read Next: Bitcoin To $1.3M By 2028? Questionable, Says 10x Research

© 2024 Benzinga does not provide investment advice. All rights reserved.

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