đ„El Salvador and Bitcoinđ„: transparency and monetary sovereignty
El Salvador became the first State in the world to allow a real-time audit of its assets, thanks to Bitcoin.
đžBy self-custodying its bitcoin, El Salvador saves itself from the risks of freezing and censorship.
đžAnyone can follow up on #bitcoin in El Salvador.
Yesterday Nayib Bukele published on X (Twitter) an address that stores âa large portionâ of the bitcoin belonging to El Salvador. These almost 6,000 #BTC were transferred to a cold wallet that will be kept in a physical safe in Salvadoran territory. This move, revealed in a simple tweet, as if it were a trivial action, is a demonstration of transparency and monetary sovereignty.
đčBy presenting one of its Bitcoin addresses to the digital agora, El Salvador becomes the first State in the world to allow a real-time audit of its assets. Any person, from anywhere in the world, can know the movements of funds that are made from that wallet, and investigate their nature and the connections with the entities with whom those movements are made.
đčUntil proof of ownership of those funds is presented (signing a transaction with some demonstration that it belongs to El Salvador, for example), we must trust the word of #Bukele . However, this level of comptrollership is unprecedented in the world.
đčNo other country on the planet can show its reserves with such reliability. In all cases, we must trust the word of treasurers, auditors or central bankers, which has proven to be corruptible throughout history. This is not just the merit of El Salvador or Bukele. No other treasury asset, be it gold, dollars or anything else, allows this degree of traceability without requiring trust in third parties. With this action, El Salvador demonstrates a use case for Bitcoin that until now had been only theoretical: the fight against political corruption.
Source: CriptoNoticias
