US State Department official wants El Salvador to “make sure Bitcoin is well regulated” – Bitcoin News
State Department Undersecretary for Political Affairs Victoria Nuland said during a press conference that the US has urged El Salvador to be accountable for the country’s new Bitcoin law. Nuland told the press that the US is “looking very closely” at Bitcoin and that Salvadoran President Nayib Bukele “needs to make sure that it is well regulated”.
State Department official says the US is taking a close look at Bitcoin
According to a senior US State Department official, the US is hoping that El Salvador will be held accountable with the country’s new Bitcoin tendering law that went into effect on June 9, 2021. Under-Secretary of State for Political Affairs Victoria Nuland stated that she had a meeting with Salvadoran President Nayib Bukele and discussed the crypto-asset Bitcoin (BTC). The American diplomat emphasized to Bukele that after the Colonial Pipeline ransomware case, the US is “taking another stern look at Bitcoin”.
“I suggested to the President that whatever El Salvador does, you make sure that it is well regulated, transparent and accountable and that you protect yourself from malicious actors,” Nuland told reporters at the press conference.
El Salvador has struggled to get world leaders to agree to the benefits of the new Bitcoin tendering law. The World Bank rejected a request for help from El Salvador, and the President of the European Central Bank (ECB), Christine Lagarde, recently disparaged the topic. At the time, Lagarde affirmed that the ECB’s policy towards Bitcoin (BTC) had not changed. Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS), also criticized the Bitcoin tendering law of Salvadoran President Nayib Bukele.
US State Department claims 14 Salvadorans have “corrupt and undemocratic” ties to President Nayib Bukele
In addition to the statements made by the senior US State Department official after meeting Bukele, the US State Department named 14 Salvadorans who are members of the Bukele regime as “corrupt” and “undemocratic actors”.
This announcement has led people to believe that the US is cracking down on El Salvador for choosing to use Bitcoin. “Unconventional Warfare (UW) in action,” said popular anonymous analyst Plan B on Twitter. “See the link below for what happens to countries that reject IMF demands I. [and choose] Freedom “, Plan B tweeted.
Economist Steve Hanke: “Foreign Ministry swings the hammer”
Even the economist Steve Hanke said: “First, it was El Salvador’s Bitcoin law. Now the State Department is swinging the hammer. ”Hanke has warned that the introduction of Salvadoran Bitcoin could lead to a“ total collapse of the economy ”. In addition, Hanke and two other writers, who publish articles on applied economics at Johns Hopkins University, wrote a paper that states, “El Salvador’s Bitcoin Law is designed to get caught in the FATF’s regulatory web.”
“According to the Bitcoin law, El Salvador will undoubtedly be entangled in the regulatory network of the Financial Action Task Force,” said Hanke on Twitter. “In this working paper, I identify 27 of the FATF’s ‘red flag’ behaviors that are impossible for El Salvadorans.” Victoria Nuland’s recent comments and the State Department’s Corrupt and Undemocratic Actors Report suggest that American bureaucrats agree with Hanke’s point of view.
What do you think of the recent statements by the American diplomat and the latest report by undemocratic actors at the US State Department? Let us know what you think on this matter in the comments below.
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