President Bukele of El Salvador Will Provide A Bitcoin Haven

On Sunday, El Salvador’s President Bukele tweeted about a new law that would benefit foreign investors. According to President Bukele, those who want to invest in the country’s future are welcome. Additionally, one of the 52 new law revisions introduced to Congress would allow foreign investors to become citizens.

As per the record, the President’s decision to provide citizenship to foreigners isn’t new. Since last year, he emphasized that foreign investors in his country’s planned Bitcoin fund are more than welcome. In addition, those who contribute may get a jump on the citizenship application process.

Bitcoin as a Legal Tender in El Salvador

President Bukele has been put under pressure to recognize Bitcoin as a legal tender. Moreover, there is continuous pressure as time goes on. Correspondingly, international financial organizations like the International Monetary Fund (IMF) realize the full consequences of a Bitcoin-centered nation.

The fear of IMF is the success of the Bitcoin experiment of El Salvador. One may ask why? The answer is quite simple. There will be fewer nations willing to take the IMF’s dollar loans. As a result, IMF will lose many potential applicants.

As a result, there seems to be a lot of pressure from the IMF towards El Salvador about changing the Bitcoin decision. This pressure might be happening because El Salvador rejected a loan offered by the IMF. 

Nonetheless, one group of US senators wants the US State Department to look into El Salvador’s use of Bitcoin as legal money. According to them, this nation is allowing money laundering cartels to flourish.

In response to this, Bukele said they are just boomers and want to control something that’s not in their hands. Further, Bukele noted that his country is not their colony, back yard, or front yard. The President seems to be annoyed by the senators’ statements. So accordingly, he adds to stay away from El Salvador’s internal decisions. You can see his words stated in the tweet as below: