OCCRP: Nayib Bukele embezzled funds to make Bitcoin legal tender in El Salvador

The Organized Crime and Corruption Reporting Project (OCCRP) recently revealed an investigation that determined El Salvador’s President Nayib Bukele had misappropriated funds to complete Bitcoin-related projects in the country. The report, published on October 31, states that the government used resources provided by the Central American Bank for Economic Integration (CABEI) as a loan to fund the process of Bitcoin becoming legal tender in the country. The loan was provided by CABEI in 2021 to alleviate the country’s economic problems and strengthen financing of small and medium enterprises (SMEs) during the Covid-19 pandemic. According to the investigation, only a small portion ($20 million) of the $600 million loan was used for its intended purpose. Of that $425 million, more than $200 million was used to help Bitcoin become legal tender in El Salvador, according to budget documents reviewed by OCCRP colleagues in the country. (Bitcoin.com)