The legalization of Bitcoin in El Salvador does not please everyone. The country is facing a proposed law from two US senators, Bob Menendez and Jim Risch. These aim to monitor the impact of Bitcoin on the Salvadoran economy. An intervention that the President of El Salvador, Nayib Bukele, openly criticizes.
U.S. wants to monitor Bitcoin in El Salvador
Nearly two years after legalizing Bitcoin, El Salvador continues to face strong criticism. This time it’s more than just criticism that Nayib Bukele must face. Indeed, two American senators have submitted a bill to oversee the adoption of Bitcoin in El Salvador. Bob Menendez and Jim Risch hope that in this way protect citizens from the risks associated with Bitcoin in El Salvador reports the Washington Examiner.
Both senators indeed believe that the legalization of Bitcoin in El Salvador is a threat to economic and financial stability. Bob Menendez and Jim Risch also see Bitcoin as a tool to facilitate crime. As a country that supports prosperity and transparency in Central America, the U.S. should be able to monitor Bitcoin in El Salvador, the two senators say.
We must seek greater clarity on how the adoption of Bitcoin as a legal tender may impact El Salvador’s financial and economic stability, as well as El Salvador’s ability to effectively combat money laundering.Jim Risch
To that end, their bill proposes several measures, including requiring the State Department to produce a report on the risks of Bitcoin adoption in El Salvador, including cybersecurity, economic stability, and democratic governance.
Nayib Bukele puts the US in its place
The proposed US Bitcoin monitoring law in El Salvador is an interference in the internal affairs of a sovereign state. First submitted last year, the legislation was strongly criticized by the Salvadoran president and staunch defender of Bitcoin.
Already last year, Nayib Bukele received this American interference as an unexpected fear of the legalization of Bitcoin in El Salvador by the U.S. government. Today Nayib Bukele seems to have a better understanding of what justifies the US annoyance.
Indeed, the Salvadoran president considers that the U.S. government does not defend freedom. On the other hand, through decentralization and resistance to censorship, Bitcoin is an excellent tool for freedom. It is therefore normal that the United States fights against the symbol of freedom that is Bitcoin.
Despite the alarmist predictions of economists and scientists, the Salvadoran economy did not sink because of Bitcoin. On the contrary, the El Salvador has paid off all its debts before it was due. Thanks to Bitcoin, tourism has even increased by 95% in the country.
Bitcoin, because of its uncontrollability by the powers that be, is a currency of freedom. Countries that were once neglected should consider it for a truly free economy. El Salvador, which has experienced years of poverty and debt, is now banking on this currency to break free from the tutelage of the powers that be and build a liberated economy, despite opposition from those who see themselves as the world’s policemen.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.