El Salvador continues to make headlines with its progressive cryptocurrency policies.
On May 13, 2024, they launched a new website designed to offer transparency by showing real-time data on the government's Bitcoin holdings.
This move enhances the transparency and accountability in how the nation manages and increases its digital assets.
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Overview of El Salvador's New Bitcoin Transparency Initiative
Known for adopting Bitcoin (BTC) as legal tender, El Salvador unveiled a dedicated website on May 13, 2024, which allows real-time verification of the Bitcoin holdings of the Salvadoran government.
Since adopting Bitcoin as one of its official currencies in 2021, El Salvador has continuously purchased the cryptocurrency and is currently engaged in an initiative to buy one Bitcoin daily.
The website specifically caters to showcasing the Salvadoran government's BTC holdings, providing real-time updates. This project is managed by The National Bitcoin Office (ONBTC), which oversees the country’s cryptocurrency-related initiatives.
Key Features of the New Bitcoin Disclosure Website
The website not only reveals the "Government of El Salvador's Bitcoin holdings" but also displays changes in holdings over the last seven and thirty days. Users can view various details such as transaction history, transaction fees, current block height, hash rate, and mining difficulty.
As of May 14, 2024, the Salvadoran government holds 5,749.76 BTC, having increased its holdings by 8.00 BTC over the past week and by 31.01 BTC over the past month.
Insights into Transaction Histories and Small-Scale Trades
Detailed examination of the balance history on the website shows that the Salvadoran government continues its strategy of buying one Bitcoin per day.
Additionally, records indicate that small amounts of Bitcoin are also being transferred to the same address, suggesting that private Bitcoin holders might also be sending BTC to this government address.
Previously, the "Nayib Tracker" was known for tracking El Salvador's Bitcoin holdings, but it was not accurate and discrepancies had been noted.
The newly launched website uses on-chain Bitcoin data to visualize El Salvador’s BTC holdings, making it an invaluable resource for those seeking accurate data on the government’s Bitcoin assets.
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