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Bukele Angered on US Government for Go Ahead with a Bill That Targets the Risks of Central American country's BitcoinLaw

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Joyashree Dey Follow

INDIA

Mar, 28 2022

Mar, 28 2022

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On March 24, El Salvador President Nayib Bukele slammedU.S. The government, lashed out at the Senate's choice to move forward with a bill to inspect the "potential risks" of El Salvador’s Bitcoin Law.

The committee passed the proposed bill named the accountability for Cryptocurrency in El Salvador (ACES) Act on Thursday, meaning it will currently move to the following stage and the Senate should make a final decision on it.

Last month Senators presented the bill which requests that the State Department produce a report on El Salvador's Bitcoin adoption and foster an idea to alleviate its "potential to weaken U.S. sanctions policy, empowering malign actors like China and organized criminal organizations."

After the bill passed the committee Wednesday, President Bukele said on Twitter that “The U.S. Government does not stand for freedom and that is a proven fact.” He added that “we will stand for freedom” and called Bitcoin “FU [fuck you] money.”


“Never in my wildest dreams would I have thought that the U.S. Government would be afraid of what we are doing here,” he added in a separate tweet.

Per the regulation, US administrators are under stress that El Salvador's Bitcoin Law could present risks to the US monetary framework. Promoters of the bill are purportedly pushing it as a component of a regulatory system to assist with moderating the likely dangers, including criminal associations and, surprisingly, the strengthening of China.

Whenever cast a ballot into regulation, the State and Treasury Departments will be relied upon to investigate ways forestalling such from occurring.

The US Senate's vote is one more blemish on the inexorably extending circles of those to communicate a concern or hope to go against El Salvador's adoption of Bitcoin as a legal tender. The IMF and WorldBank have recently spoken about it, with the IMF recently requesting that ElSalvador "drop" its Bitcoin Law.


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Joyashree Dey

CBW - External Analyst

INDIA

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