Bukele tells U.S Senators El Salvador’s Bitcoin Law is not their concern News ▸ El Salvador ▸ Bitcoin ▸ People
Bukele tells U.S Senators El Salvador’s Bitcoin Law is not their concern
President Bukele drops some truth bombs in response to U.S Senators' calls to investigate El Salvador's Bitcoin Law.
2 min read
Updated: Feb. 17, 2022 at 1:16 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
President Bukele reacted to a U.S Senate bill on El Salvador’s Bitcoin Law by saying, “stay out of our internal affairs.”
The bill, titled “Accountability for Cryptocurrency in El Salvador (ACES) Act,” calls for the State Department to assess El Salvador’s adoption of Bitcoin with a view to “mitigate potential risks” to the U.S. financial system.
Since adopting Bitcoin as legal tender, El Salvador has found itself under constant scrutiny on the international stage.
Despite that, and as evidenced by the response to this bill, President Bukele remains undeterred.
Bitcoin adoption has U.S Senators spooked
The bill was introduced by Senators Jim Risch, Bill Cassidy, and Bob Menendez over fears of its impact on the U.S.
Senator Risch commented that El Salvador’s adoption of Bitcoin leaves it vulnerable to “financial integrity” risk. He added that the policy also weakens the effect of U.S sanctions, therefore enabling “malign actors,” including China and organized crime.
“This new policy has the potential to weaken U.S. sanctions policy, empowering malign actors like China and organized criminal organizations.”
Similarly, Senator Cassidy raised concerns over emboldening money laundering cartels. He calls for action to keep alive the dollar’s world reserve status.
“If the United States wishes to combat money laundering and preserve the role of the dollar as a reserve currency of the world, we must tackle this issue head on.”
The bipartisan trio wants an analysis of the impact of El Salvador’s Bitcoin Law as it pertains to cybersecurity, economic stability, and democratic governance in El Salvador. They also want “a plan” to counter the potential risks of the Law.
El Salvador is a sovereign nation
Reading between the lines, it seems as though the Senators are, 1) worried that Bitcoin is already disrupting U.S hegemony, 2) have made their minds up before the analysis, as demonstrated by calling for a counter plan at this early stage.
President Bukele fired back in a tweet asking U.S Senators to “stay out” of El Salvador’s internal affairs. He also made clear that his country is not a U.S outpost or satellite state.
“OK boomers…
You have 0 jurisdiction on a sovereign and independent nation.
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.”
Diplomatic relations between El Salvador and the U.S have been strained ever since the White House condemned cases of corruption in Bukele’s administration.
The incident in question relates to the removal of senior judges who opposed President Bukele’s stay-at-home order as a response to the health crisis.
El Salvador has unrestricted access for travelers with no vaccine/passport mandates, or any testing requirements to enter.
With that in mind, it’s tricky to argue El Salvador isn’t a free and democratic nation.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.
