El Salvador’s President Bukele Fires Back at The US Over Anti-Bitcoin Adoption Policy

  • The US government does not stand for freedom says El Salvador President Nayib Bukele in response to America’s proposed legislation regarding Bitcoin adoption.
  • Bukele’s comments after the US Congress introduced an Accountability bill back in February.
  • El Salvador plans to launch a Bitcoin bond in partnership with major crypto exchange Bitfinex.

Despite the recent US bill against BTC adoption in El Salvador, the country’s President Nayib Bukele has made it clear that the Central American territory will not back down in its pursuit of financial freedom and use of decentralized digital assets. 

President Bukele took to Twitter to share his thoughts regarding America’s attempt to influence the internal policies of a sovereign nation. 

Earlier in January 2022, El Salvador authorities announced plans to build a Bitcoin City powered by energy generated from the inactive Conchagua Volcano. President Bukele also disclosed plans geared towards issuing a Bitcoin bond to further bolster the country’s economy.

A little over a month later, Senators from both parties in the US Congress introduced an Accountability for Cryptocurrency in El Salvador (ACES) bill. Details from policy proposed laws supposedly geared towards protecting the U.S. economy from the impacts of Bitcoin adoption in El Salvador. 

As of the time of writing this report, ACES has passed through an initial hearing on Wednesday. Although the US Senate has not approved the bill yet, growing sentiment suggests that Congress could pass the act into law.

El Salvador’s top official has maintained that any decisions taken by the American government do not influence policies implemented within the country. Bukele tweeted today saying:

Bitcoin Adoption Accelerates in El Salvador

President Bukele is no stranger to opposition regarding El Salvador’s adoption of cryptocurrencies. Back in September 2021, the country officially announced the introduction of BTC as a legal tender. Subsequently, El Salvador strengthened its reserves with a massive purchase of 400 Bitcoin tokens.

Shortly after, regulators from the European Union and the International Monetary Fund (IMF) expressed concerns regarding the widespread use of digital currencies by a sovereign nation. 

Regardless of warnings from the IMF, President Bukele has followed up his Bitcoin legalization policy with plans to build a mega virtual asset city and issue Bitcoin-denominated bonds. Although the bonds have been delayed, Bukele claims the Volcano-powered securities remain a part of El Salvador’s upcoming legislation. 

Bukele also confirmed a meeting with Binance CEO Changpeng Zhao to discuss relevant strategies and issues.