El Salvador President Nayib Bukele has lashed out at the United States Government after the Senate Foreign Relations Committee passed the Accountability for Cryptocurrency in El Salvador Act (ACES) Bill, which is now slated to head to the full house for voting.
The ACES Bill seeks to monitor how El Salvador implements its Bitcoin law which grants the digital currency a legal status alongside the United States Dollar.
The bill will grant relevant U.S. agencies the right to monitor the impact of BTC as a legal tender on the country’s macroeconomic stability and public finances. It will also assess the role of Bitcoin in the rule of law in the country and its democratic governance. While the date of voting in the bigger house has not been announced, the bill grants the agencies the right to peek into the most salient aspects of monetary governance, including whether the country is adhering to relevant anti-money laundering rules.
Lamenting on Twitter, Nayib Bukele said he never dreamt of a time when the U.S. government would be scared of the work that is being done in the Central American nation. Bukele said the U.S. government does not support freedom as is popularly being said of the North American nation.
“The U.S. Government DOES NOT stand for freedom, which is a proven fact. So we will stand for freedom. Game on!” Bukele said in a tweet.
El Salvador’s adoption of Bitcoin as a legal tender has always met with resistance from prominent intergovernmental organizations. While the International Monetary Fund (IMF) and the World Bank are amongst those who have expressed pessimism concerning the country’s Bitcoin adoption move, the likely passage of the ACES Bill by the U.S. Senate has formed a more unsettling struggle for the El Salvadoran president.
Either way, things play out, Bukele is still arguably committed to Bitcoin’s financial freedom.
Image source: Shutterstock