El Salvador, a pioneering nation in adopting Bitcoin as legal tender, has introduced a proof-of-reserves website for monitoring its Bitcoin holdings.
Directed by The Bitcoin Office, a government agency overseeing Bitcoin-related projects in the country, El Salvador has launched an online platform dedicated to monitoring the region’s Bitcoin treasury, leveraging on-chain data. The website aims to provide real-time data on El Salvador’s Bitcoin reserves. Currently, the country holds 5,748 BTC, valued at nearly USD 360 million, with the cryptocurrency trading above the USD 62,700 mark at the time of the announcement.
In June 2021, El Salvador made history by becoming the first country in the world to adopt Bitcoin as legal tender, following the approval of the proposal by Congress. Despite concerns about the potential impact on El Salvador’s program with the International Monetary Fund, lawmakers voted in favor of the move to create a law embracing the cryptocurrency. Under the law, Bitcoin is accepted by firms as payment for goods and services, and tax contributions can be paid in the cryptocurrency.
The launch of the Bitcoin treasury monitoring website highlights El Salvador’s dedication to transparency and accountability in handling its Bitcoin reserves. By furnishing up-to-date information on its Bitcoin holdings, El Salvador seeks to bolster trust and confidence in its adoption of Bitcoin as official currency.