Pro-Bitcoin El Salvador’s President Criticizes the US Federal Reserve, Calling Them Immoral

by
Blockchain
Pro-Bitcoin El Salvador’s President Criticizes the US Federal Reserve, Calling Them Immoral

The president of El Salvador, Nayib Bukele, charged the American central bank with stripping the average man of his fortune and labeled them unethical.

Nayib Bukele, the president of El Salvador and a supporter of bitcoin, spoke with Tucker Carlson of Fox News after a protracted debate. The LAtAM country legalized Bitcoin as money last year under Bukele’s rule.

Bukele: The FED Deprives the Average Person of Money

President Bukele criticized the American Federal Reserve during his most recent interview, calling it unethical. Additionally, he charged that the American central bank was depriving the average person of money which according to him was not right. The president of El Salvador said:

“The Governmental Reserve has no reserves and is not a federal institution. They take advantage of you by robbing you of your money and wealth, which is wrong. Not only is it unethical, but it also undermines certain fundamental economic ideas like saving.”

Since the legal adoption of Bitcoin, the Latin American nation has been building up its Bitcoin Treasury. Governments and important organizations like the IMF have denounced El Salvador for approving Bitcoin as legal money. Their ambitions to issue Bitcoin bonds and their work on a Bitcoin city have also drawn criticism.

El Salvador is experiencing significant losses related to its Bitcoin assets as Bitcoin entered a significant decline this year. The nation has spent more than $107 million, according to figures from the Nayib Tracker. Now currently at $57 million, the value of the same has essentially decreased by half. Despite the losses, El Salvador’s finance manager still reaffirmed that Bitcoin was still paying off a few months ago.

Alejandro Zelaya, El Salvador’s finance minister, asserted that the Bitcoin approach is effective in an interview from earlier this year. He said that it would take time for the outcomes to become apparent. El Salvador reportedly acquired 80 more Bitcoins during the bear market as the president remains bullish on BTC.

Nayib Bukele’s Re-Known Love for Crypto

President Nayib Bukele of El Salvador pushed the usage and acceptance of bitcoin to 32 central banks and 12 financial executives from emerging nations while serving as the host of the Alliance for Financial Inclusion’s (AFI) annual summit.

During the summit held in El Salvador, the discussion held included issues including financial inclusion, the digital economy, and the advantages El Salvador has gained as a result of becoming the first nation in the world to accept bitcoin as legal cash in 2017.

There were attendees from Angola, Namibia, Ghana, and Uganda in Africa; Honduras, Haiti, Costa Rica, Paraguay, and Ecuador in Latin America; Bangladesh, Palestine, and Pakistan in Asia. This again showed Bukele’s enthusiasm for crypto and his desire to spread the adoption of crypto on a much broader scale globally.

El Salvador Developments Will Not Disclose Bitcoin Transaction Data

The El Salvador Development Bank has declined to publish its Bitcoin data, despite the Latin American nation’s claims that its BTC strategy is succeeding. A document from the bank stating that it cannot divulge “secret” information was released by the nation’s Anti-Corruption Legal Advisory Center (ALAC) according to ALAC. 

In September of last year, BANDESAL declined to divulge details on the government of El Salvador’s purchases and sales of Bitcoin for a second time, citing reserve and going against the maximization of transparency and proportionality.

ALAC further added in a statement:

“On behalf of the government, BANDESAL is in charge of handling money for its Bitcoin initiatives. The secrecy restricts the opportunity for citizens to access and receive information on the operations carried out with public monies by BANDESAL.”

Follow Us on Google News
Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.