Nothing will “stop” Bitcoin in El Salvador, says President Bukele after criticizing the IMF and World Bank
The president said there is nothing that can prevent the widespread adoption of Bitcoin in El Salvador and he sees no scenario that can be prevented.
“I don’t mind. Everything about people can be stopped. But I do not know how. It’s the law, the government is working around the clock to go into effect in 80 days, “Bukele said in a statement Podcasts recently.
President of El Salvador, Bukele
Earlier this month, El Salvador passed a law recognizing Bitcoin as legal tender. However, when crypto advocates celebrated the news, the response from both the International Monetary Fund (IMF) and the World Bank (WB) was negative.
Their response has sparked rumors that international pressure will prevent the Bitcoin bill in El Salvador.
It’s also important to know that these two organizations are under the control of the US, which is against anything that can weaken the dollar. While El Salvador also uses the US dollar as its official daily currency and Bitcoin could kill it.
How did the IMF and WB react?
El Salvador made history on June 8th by passing bitcoin law. This gives Bitcoin the same legal status as the country’s official currency, the US dollar.
In an immediate response, the IMF expressed concerns that doing so would hamper ongoing negotiations for a $ 1 billion loan.
Top El Salvador officials responded that the US dollar would continue to be legal tender. In contrast, Bitcoin transactions are optional and tied to the exchange rate of the dollar.
When El Salvador asked for technical assistance on the matter a week later, the World Bank turned its back on it.
A World Bank spokesman said it could not help because of Bitcoin’s “transparency and environmental deficiencies”.
“Although the government of El Salvador has asked us to support Bitcoin, the World Bank cannot support it due to its environmental and transparency deficiencies.”
Can Bitcoin activity be stopped in El Salvador?
Despite the coldness of the IMF and WB, President Bukele is determined to do it in spite of everything. The bow was drawn up and couldn’t help but shoot.
in a meeting interview With the YouTube channel What Bitcoin Did, President Bukele answered the question of whether the Bitcoin law could be stopped and, in his opinion, would be impossible.
Regarding the voting process to pass the law, Bukele indicated that the vast majority of MPs agreed.
“Our parliament has 84 seats, you only need 43 seats to change monetary policy, which is more than half. That’s the majority, isn’t it? If we have a super majority here, you need two thirds, that’s 56 out of 84. We got 63 votes. “
With that, there are plans in place to build bitcoin infrastructure in El Salvador, including renewable energy mining, and legislation to encourage the country’s development as a hub for industrial companies and cryptocurrency developers.
Bukele added that the plan includes things in “defense of the decision” but did not provide details of what this means.
“Remember, Bitcoin works on its own, so it doesn’t depend on what we do. But of course what we do makes people get more out of it. “
Directly commenting on the coldness of the IMF and the World Bank, Bukele said it made no sense and he had no intention of going to war with them. The president added that it was their choice, but it still doesn’t change El Salvador’s plans with Bitcoin.
According to Cryptoslate