Nayib Bukele tweeted about new proposed legislation from the United States Senate Committee on Foreign Relations. He responded to this legislation because the subject of the matter is El Salvador’s adopting Bitcoin. In short, the president of El Salvador tells the United States not to try to control something they can’t.
You have 0 jurisdiction on a sovereign and independent nation.
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 😉
— Nayib Bukele 🇸🇻 (@nayibbukele) February 16, 2022
“OK boomers… You have 0 jurisdictions on a sovereign and independent nation. 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.”
Diplomatic Conflicts Over Bitcoin
As mentioned in the tweet, Bukele tells the Americans they can’t control what happens internally in another country. It’s a considerable response from El Salvador that tries to save itself from economic crises with the help of Bitcoin and cryptocurrencies. But what was the subject of the latest legislative proposal from the United States Senate Committee on Foreign Relations?
United States Senators Jim Risch (R-Idaho) and Bob Menendez (D-New Jersey), respectively ranking member and chairman of the Senate Foreign Relations Committee, and Louisiana Senator Bill Cassidy (R-La.) introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act, legislation requiring a State Department report on El Salvador’s adoption of Bitcoin, as legal tender and a plan to mitigate any potential risks to the United States financial system.
“El Salvador’s adoption of Bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America. This new policy has the potential to weaken U.S. sanctions policy, empowering malign actors like China and organized criminal organizations. Our bipartisan legislation seeks greater clarity on El Salvador’s policy and requires the administration to mitigate potential risk to the U.S. financial system.”
According to the notice, the State Department report will be required to include the following information. An examination of El Salvador’s use of Bitcoin as legal cash, as well as the implications of this adoption for cybersecurity, economic stability, and democratic government in the country. In addition, there is a plan to manage potential threats to the financial system in the United States.
It is unclear whether the United States will be able to do anything in response to El Salvador’s decision to adopt Bitcoin. It appears that the United States is looking for measures to mitigate potential hazards to its own national security. However, as you can see from the paragraph above, the president of El Salvador is never satisfied with any new suggestion.