El Salvador’s Bukele Snubs Washington’s Concerns Over Bitcoin

El Salvador’s president Nayib Bukele rebuked America’s concern over his country’s adoption of bitcoin, reminding Washington that El Salvador is a sovereign nation and not a US colony.

“OK boomers,” said Bukele in a tweet on Wednesday. “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.” he added, reminding the US that it does not have jurisdiction in the El Salvador. The tweet was in response to a statement from several US senators’ concerns over the South American nation recently granting bitcoin legal tender status, and the subsequent risks such a move poses to the US financial system.

According to the statement, Republican senators Jim Risch and Bill Cassidy and Democratic senator Bob Menendez proposed the Accountability for Cryptocurrency in El Salvador Act, which would prompt the US State Department to issue a report and devise a plan to confront El Salvador’s adoption of Bitcoin. The senators warned that granting the cryptocurrency status “has the potential to weaken US sanctions policy, empowering malign actors like China and organized criminal organizations.”

“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,” said Cassidy, cautioning that Bukele’s friendly policy towards bitcoin “opens the door for money laundering cartels and undermines US interests.”

Bukele, who often refers to himself as the “CEO of El Salvador,” amusingly posted a 10-second clip of US President Joe Biden discussing freedom and sovereignty regarding Ukraine.

Information for this briefing was found via twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.