El Salvador Bitcoin agency reportedly made $235 this year, $7M off target
El Salvador’s Bitcoin Fund Management Agency (AAB) only made $235 between January and July this year despite plans to rake in almost $7.4 million. As reported by La Prensa, the yearly budget for AAB was $13 million, with $1 million planned to come from El Salvador’s general fund and $12 million from the agency’s own income. The government agency makes its money through the fees it collects by managing and investing in public offerings of digital assets. This agency is not El Salvador’s Bitcoin office. The budgeted plan said the AAB should have made almost $7.4 million from digital asset offerings and should have received over $700,000 from El Salvador’s general fund, all between January and July. However, by July the agency’s income was only $235. On top of this, over $11 million from the general fund was sent to the agency, an increase of 1,425% over what it was budgeted to receive. Read more: Investors can get a refund on Bitfinex’s failed El Salvador hotel...