“The US government does not support freedom,” said Salvador’s President Nayib Bukele, accusing the country of demanding financial insights into El Salvador. The US Senate aims to “understand and mitigate” the potential economic risks that have arisen since El Salvador adopted Bitcoin as its fiat currency last year. Against the backdrop of this US intervention, Buquere will meet with Chengpeng Zhao, CEO of Binance Cryptography Exchange, who is currently visiting El Salvador.
A bill seeking this information was passed in the United States and is called the “El Salvador Cryptocurrency Accountability (ACES) Act.” Since El Salvador uses the US dollar as its home currency, the adoption of Bitcoin must have had some impact on the US economy we want to investigate.
Bukere counterattacked the United States on Twitter and shared an image of the United States’ request from El Salvador.
“In my dreams, I never thought the US government would be afraid of what we were doing here,” posted 40-year-old President El Salvador.
The United States has given El Salvador 90 days to report the financial changes caused by the legalization of Bitcoin in the last six months.
Meanwhile, Buquere is meeting with Binance CEO, who is visiting on March 25th. The President of El Salvador may require the issuance of Bitcoin bonds from Binance for stability after the adoption of BTC.
looking forward to it. There is a lot to discuss. :pray:
— CZ: large_orange_diamond: Binance (@cz_binance) March 23, 2022
Despite criticism from the International Monetary Fund (IMF) for his decision to adopt BTC, Buquere was a constant supporter of the crypto industry.
The IMF has proposed to dissolve Bitcoin’s $ 150 million trust fund legalized in El Salvador and return those unused funds to the Treasury. The trust fund was intended to enable the automatic conversion of Bitcoin to the US dollar to encourage those who are wary of the adoption of highly volatile digital currencies.
However, Buquere continued to promote the use of Bitcoin.
From the establishment of Bitcoin ATM to the creation of a government-sponsored Bitcoin wallet called Chivo for El Salvador, Buquere has taken the initiative to focus on accepting and expanding its use of crypto in its own country.
According to Fitch Ratings, El Salvador’s long-term foreign currency issuer default rating (IDR), which was previously B grade, has been downgraded to “junk grade”.