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

According to a recent investigation by the Organized Crime and Corruption Reporting Project (OCCRP), Salvadoran President Nayib Bukele misappropriated funds to complete Bitcoin-related projects in the country. The report, released on October 31, stated that the government used resources provided by the Central American Bank for Economic Integration (CABEI) as a loan to fund the process of making Bitcoin a legal currency in the country. The loan was provided by CABEI in 2021 to alleviate the country's economic problems and strengthen financing for small and medium-sized 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. According to budget documents reviewed by OCCRP colleagues in the country, $425 million was used to fulfill "general national obligations," with over $200 million of that amount used to help make Bitcoin a legal currency in El Salvador. (Bitcoin.com)