El Salvador’s Ambassador to the United States Declares That America Is Only Concerned With Losing Power

El Salvador’s ambassador to the United States has declared unequivocally that the government is unconcerned with foreign organisations’ feelings. El Salvador’s plan to utilise Bitcoin as legal cash has been opposed by the IMF and other institutions.

Not Afraid To Destroy Bridges

El Salvador’s ambassador to the United States, Milena Mayorga, told Coindesk that the government is not scared to destroy bridges with past friends in order to further its acceptance of Bitcoin. The ambassador talked extensively on recent events since the country crossed the Rubicon.

“The fear in Washington DC is that the dollar’s influence would erode, which we understand,” Mayorga said. “However, Salvador must progress and attain a new level.”

The envoy stated that Bitcoin provides an alternate financing source for the nation to the usual techniques used by assistance agencies such as the IMF. “They are fearful and frightened because if we succeed, a lot more nations would want to emulate us,” she said.

She stated that the nation has suffered for 30 years from corrupt government that “didn’t act wisely” due to a glaring lack of transparency, and thinks that Bitcoin would assist President Bukele’s administration in providing Salvadorans with many options and a stable economy.

Prior to the passage of the Bitcoin Law, the IMF expressed reservations about the country’s adoption, claiming that the asset’s volatility may be detrimental to the economy. The Fund has concluded that although there were concerns about the amount of investor protection in the Chivo wallet, the economy had recovered after the epidemic.

The Ambassador Makes References The Peaks

Mayorga used the interview to highlight the country’s progress since accepting Bitcoin as legal cash. She said that financial inclusion has been realised to a large extent, with over 80% of residents utilising the Chivo wallet. Within two months, Chivo has established itself as the biggest remittance platform in the nation, having handled over $32 million in free remittances from the United States alone.

The ambassador emphasised the tourist industry’s expansion and the simplicity with which individuals may pay for products and services using Bitcoin. Recall that the government granted each citizen $30 worth of BTC to encourage use of the Chivo wallet and also provided $0.20 per gallon gasoline subsidies to wallet users in October.

El Salvador has been on a purchasing binge, adding 100 BTC to its balance sheet in an attempt to profit on price dips. President Bukele has subsequently said that Bitcoin profits would be used to build schools and a world-class veterinary facility.

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