“What are they getting into? – Adopt Bitcoin like legal tender currency takes a lot of courage. After threats from the International Monetary Fund (IMF)these are american senators who attack the sovereign decision of the salvador. At the same time, it will surprise no one, so many words United States and interventionism are known to be synonymsespecially when it comes to imposing the dollar to the rest of the world.
The fate of El Salvador does not interest them, only the dollar counts
Of the’UN to IMF through a slew of traditional financial players, all are worried to see the humble salvador achieve some form of economic independence thanks to bitcoin (BTC).
Now, even american senators begin to panic in the face of the financial revolution brought about by the invention of Satoshi Nakamoto. So that three of them – Jim Risch, Bob Menendez and Bill Cassidy – submit a bill entirely dedicated to The surveillance of the adoption of Bitcoin like national currency in El Salvador.
In the event of a favorable vote, this ” ACES Act » (Accountability for Cryptocurrency in El Salvador) could mandate the production of a report on bitcoin movements in El Salvador. One ” plan “ to mitigate the “ potential risks” on the dominance of the US dollar would also be part of it.
“No later than 90 days after the presentation of the report (…), the Secretary of State, in coordination with the heads of other relevant federal departments and agencies, will submit (…) a plan to mitigate any potential risk to the financial system from the United States, posed by this adoption of a cryptocurrency as legal tender in El Salvador; and any other country that uses the United States dollar as legal tender. »
Excerpt from the ACES Bill
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President Bukele returns to their ropes these interventionists
Indeed, El Salvador was forced to use the US dollar as currency for 20 years, when the pressures of theinflation and some dollarization definitively brought down its national fiat currency (the colonin 2001).
Even if it cannot yet do without the dollar, the Central American country is now betting heavily on Bitcoin. And its president Nayib Bukeleis always quick to defend both the king of cryptos and the sovereignty from his country. In a well-felt tweet, he unhesitatingly charges theinterventionism US senators:
“OK boomers… You have ZERO jurisdiction over a sovereign and independent nation. We are not your colony, your backyard or your forecourt. Stay out of our internal affairs. Don’t try to control something you can’t control ?. »
And President Bukele is right to be firm. Because if the USA is already good at interventionism, it is still “better” (worse) concerning the extraterritoriality of their laws. Mostly to protect their precious dollar. Because the 3 senators dared to mark black on white, that they fear the “potential use of cryptocurrencies to circumvent sanctions” imposed by the United States. Bitcoin soon synonymous with economic freedom?
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