{"id":9078,"date":"2021-07-03T00:54:18","date_gmt":"2021-07-03T00:54:18","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-state-department-official-wants-el-salvador-to-ensure-bitcoin-is-well-regulated\/"},"modified":"2021-07-03T00:54:18","modified_gmt":"2021-07-03T00:54:18","slug":"us-state-department-official-wants-el-salvador-to-ensure-bitcoin-is-well-regulated","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-state-department-official-wants-el-salvador-to-ensure-bitcoin-is-well-regulated\/","title":{"rendered":"US State Department Official Wants El Salvador to \u2018Ensure Bitcoin Is Well Regulated\u2019"},"content":{"rendered":"

The U.S. Department of State\u2019s undersecretary of state for political affairs, Victoria Nuland, has explained during a press conference that the U.S. has urged El Salvador to be responsible with the country\u2019s new bitcoin law. Nuland told the press that the U.S. was taking a \u201ctough look at Bitcoin\u201d and that Salvadoran president Nayib Bukele needs to \u201censure that it is well regulated.\u201d<\/strong><\/p>\n

State Department Official Says US Is Taking a Tough Look at Bitcoin<\/h2>\n

According to statements<\/a> from a senior U.S. State Department official, the U.S. hopes El Salvador will be responsible with the country\u2019s new bitcoin tender law enacted<\/a> on June 9, 2021. The undersecretary of state for political affairs, Victoria Nuland, explained that she had a meeting with the Salvadoran president Nayib Bukele and they discussed the crypto asset bitcoin (BTC<\/a>). The American diplomat stressed to Bukele that after the Colonial Pipeline ransomware case, the U.S. was taking \u201canother tough look at bitcoin.\u201d<\/p>\n

\u201cI did suggest to the president that whatever El Salvador chooses to do, you ensure that it is well regulated, that it is transparent and that it is responsible, and you protect yourself against malign actors,\u201d Nuland told reporters at the press conference.<\/p>\n

El Salvador has had issues getting world leaders to agree with the new bitcoin tender law\u2019s benefits. The World Bank rejected a request from El Salvador for assistance and the president of the European Central Bank (ECB), Christine Lagarde, recently discussed<\/a> the subject with disparagement. At the time, Lagarde reiterated that the ECB\u2019s policy toward bitcoin (BTC<\/a>) has not changed. Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS) also criticized<\/a> Salvadoran president Nayib Bukele\u2019s bitcoin tender law.<\/p>\n

US State Department Claims 14 Salvadorans Associated With President Nayib Bukele \u2018Corrupt and Undemocratic\u2019<\/h2>\n

In addition to the senior U.S. State Department official\u2019s statements after meeting with Bukele, the U.S. State Department named 14 Salvadorans<\/a> that are members of the Bukele regime as \u201ccorrupt\u201d and \u201cundemocratic actors.\u201d<\/p>\n

This announcement has made people think that the U.S. is cracking down on El Salvador for choosing to leverage bitcoin. \u201cUnconventional Warfare (UW) in action,\u201d explained the popular anonymous analyst Plan B on Twitter. \u201cSee link below for what happens to countries that refuse IMF demands [and choose] freedom,\u201d Plan B tweeted<\/a>.<\/p>\n

<\/p>\n

Economist Steve Hanke: \u2018State Department Is Wielding the Hammer\u2019<\/h2>\n

Even the economist Steve Hanke said<\/a>: \u201cFirst, it was El Salvador\u2019s Bitcoin Law. Now, the State Department is wielding the hammer.\u201d Hanke has warned<\/a> that Salvadoran bitcoin adoption could lead to a \u201ccomplete collapse of the economy.\u201d Moreover, Hanke and two other authors that publish papers on applied economics at Johns Hopkins University wrote a paper that says: \u201cEl Salvador\u2019s bitcoin law is destined to be caught in the FATF\u2019s regulatory web.\u201d<\/p>\n

\u201cUnder the Bitcoin Law, El Salvador will undoubtedly be ensnared in the Financial Action Task Force\u2019s web of regulations,\u201d Hanke explained on Twitter. \u201cIn this working paper, I identify 27 of the FATF\u2019s \u2018red-flag\u2019 behaviors that will be impossible for El Salvadorans to comply with.\u201d Victoria Nuland\u2019s recent comments and the U.S. State Department\u2019s \u201cCorrupt and Undemocratic Actors Report\u201d suggest that American bureaucrats agree with Hanke\u2019s opinion.<\/p>\n

What do you think about the American diplomat\u2019s recent statements and the U.S. State Department\u2019s latest undemocratic actors report? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, Beno\u00eet C\u0153ur\u00e9, BIS, Bitcoin adoption, BTC adoption, Christine Lagarde, corrupt, Corrupt and Undemocratic Actors Report, ECB, ECB President, El Salvador, El Salvador’s Bitcoin Law, fatf, Nayib Bukele, Regulations, Salvadoran President, Steve Hanke, undemocratic, US State Dep, US State Department, Victoria Nuland, World Bank<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Department of State\u2019s undersecretary of state for political affairs, Victoria Nuland, has explained during a press conference that the U.S. has urged El Salvador to be responsible with the country\u2019s new bitcoin law. Nuland told the press that the U.S. was taking a \u201ctough look at Bitcoin\u201d and that Salvadoran president Nayib Bukele…<\/p>\n","protected":false},"author":0,"featured_media":9079,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9078"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9078"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9079"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}