El Salvador’s president Nayib Bukele chastised seven US senators on Wednesday for drafting legislation aimed at making Bitcoin legal tender in the Latin American country, referring to them as “boomers.”
US senators who are tired of Bitcoin are warned to stay away from it by Nayib Bukele
El Salvador’s president, Nayib Bukele, has asked US senators to remain out of the country’s “internal issues.” Senators have called for a study into the economic dangers that the United States faces as a result of Costa Rica’s adoption of Bitcoin. The proposed El Salvador Accountability for Cryptocurrency Act attempts to “minimize possible vulnerabilities to the US financial system.”
“OK boomers… You have 0 jurisdictions on a sovereign and independent nation,” El Salvador President Nayib Bukele, 40, tweeted. “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.”
The post was in reaction to the Accountability for Cryptocurrency in El Salvador (ACES) Act, which was presented by Senate Foreign Relations Committee Chairman Bob Menendez (D-N.J.), Sen. James Risch (R-Idaho), and Sen. Bill Cassidy (R-La.).
The bill requires the State Department to assess the risk of bitcoin as legal money in El Salvador and provide a strategy to reduce the risk to the US financial system.
“The introduction of Bitcoin as legal cash in El Salvador raises serious concerns about the economic stability and financial integrity of a vulnerable US trading partner in Central America,” Risch stated.
“This new doctrine has the potential to erode US sanctions policy, giving hostile actors such as China and organized criminal organizations more power.” “Our bipartisan proposal seeks more clarity on El Salvador’s policy and compels the administration to manage any financial system risk,” he added.
In January, the International Monetary Fund condemned El Salvador’s decision to make bitcoin legal tender. Senators from the United States have expressed concern that accepting Bitcoin might weaken the US government’s sanctions policy and encourage criminal organizations to engage in more activity.
“This new policy has the potential to undercut US sanctions, giving hostile entities such as China and organized criminal groups more power. Our bipartisan bill aims to provide more clarity on El Salvador’s policy “Senators said in a statement.
Economists and the opposition have questioned the Salvadoran government’s failure to be transparent in the process of purchasing and handling Bitcoins, which it has done since September.
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