Shambhavi SoniEl Salvador President Nayib Bukele has criticized American economist Steve Hanke for passing the Bitcoin law.
El Salvador Central American Nation will implement Bitcoin Law by 7 September. On June 9, after Congress approved Bitcoin as an optional legal tender, the Latins American country established history. Criticism from the IMF, World Bank, and various other rating agencies was met by this bold decision. The latest to join the list is Steve Hanke, an economist at John Hopkins University.
El Salvador’s President calls Hanke “boomer.”
Hanke criticized the President of El Salvador, Nayib Bukele, for continuing his Bitcoin implementation plan, claiming that El Salvador’s president “plays on a fire.” “The StateDept endorsed 14 officials from Salvador, warnings issued by WorldBank & IMF, and tanked ELSL bonds.” He said. Nayib Bukele ignored the red flags and marches on his Bitcoin Law crackpot. The fire is played by Bukele. ELSL’s going to be burned.” President Bukele of El Salvador replied to the tweet of the economist, calling him “the boomer.” President Bukele has been criticized extensively both worldwide and within the country.
Criticism of the bitcoin law remains in El Salvador.
The country’s opposition party earlier brought a lawsuit to stop the implementation of the Bitcoin law, citing economic imbalances. World financial regulators such as the IMF and the WorldBank warned mainly of the harmful effect on lenders and the financial market of Bitcoin’s volatility. President Bukele has nevertheless maintained that the Bitcoin Law is no shame and that it has not only been passed for the benefit of the world press. Bukele believes that BTC can solve the banking crisis of El Salvador, which is unbanked by over 70% of the population.