El Salvador’s President Nayib Bukele, warned U.S. Senators, to stay out of El Salvador’s “internal affairs” after they called for an investigation into the economic risks the United States faces due to the Central American country’s adoption of bitcoin as legal tender.
On February 17, El Salvador’s President Nayib Bukele asked the United States Government to stay out of his country’s financial matters. He posted via Twitter,
“Ok boomers… You have 0 jurisdiction on a sovereign and independent nation,” Bukele, 40. We are not your colony, your back yard or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control.”
What Is The Report?
Bukele’s comments came after Senate Foreign Relations Chairman Bob Menendez, a Democrat, Republican Senator James Elroy Risch and American politician serving as the senior United States senator, Bill Cassidy, introduced legislation to require a State Department report on El Salvador’s adoption of Bitcoin as legal tender and a plan to mitigate potential risks to the U.S. financial system.
According to the report, Dr. Bill Cassidy said that if the United States wishes to combat money laundering and preserve the role of the dollar as a reserve currency of the world, an enquiry must be set up to analyze El Salvador’s adoption of Bitcoin as legal tender and the risks for cybersecurity, economic stability, and democratic governance. He went on to add,
“El Salvador recognizing Bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests,”
Senator James Risch also known as Jim Risch lamented that El Salvador’s adoption of Bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America. He remarked,
“This new policy has the potential to weaken U.S. sanctions policy, empowering malign actors like China and organized criminal organizations. Our bipartisan legislation seeks greater clarity on El Salvador’s policy and requires the administration to mitigate potential risk to the U.S. financial system.”
El Salvador- The Bitcoin City
El Salvador, the central American country that legalized Bitcoin last year, has been multiplying the number of Bitcoins in its treasury. After Bitcoin’s recent dip, El Salvador purchased a batch of 410 more tokens for $15 million. The development comes after Bitcoin prices fell as low as $35,000 from $42,270. Bukele has been a consistent dip buyer over the past couple of months in a sign of confidence in the cryptocurrency’s long-term prospects. He tweeted,
“Some guys are selling really cheap.”
