El Salvador, President Nayib Bukele is all set to merge Bitcoin into the economy. Nayib Bukele, known for his outspoken responses to his detractors, has lashed out at US Senators who have recently expressed worries over El Salvador’s Bitcoin experiment.
The Senators enacted the “Accountability for Cryptocurrency in El Salvador Act” to monitor the impact of the country’s Bitcoin law on the United States.
The bill does not explicitly declare that it is concerned about El Salvador’s Bitcoin experiment. Though, it does issue a warning. In addition, one of the stipulations in Section 2 of the law calls for an examination of the “potential for reduced usage of the United States dollar by El Salvador.”
But USD is considered to be the world reserve currency. Notably, after perceiving a Bitcoin on a large platform may put a reduction in the USD’s global dominance. As El Salvador got the permission for the Bitcoin law, its supreme debt got a bad response.
President Nayib Bukele, on the other hand, has denied this narrative, claiming, “The brief delay in the issuance is solely because we are prioritizing internal pension reform and we need to bring that to Congress before.”