El Salvador president reacts to US bill passing Senate Committee in an emotional way

The president of El Salvador, who is the rising star among small countries that are aiming to solidify their economy, Nayib Bukele commented on the news that the highly-talked Accountability for Cryptocurrency in El Salvador Act (ACES) has passed the U.S. Senate Foreign Relations Committeeand is now waiting for a full Senate vote. The national leader and Bitcoin proponent seemed a bit emotional when he stated:

“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here.”

El Salvador faces a huge challenge

3666 (ACES), a bill to minimize risks associated with acceptance of BTC in El Salvador as legal tender, and S. 816, “legislation to recalibrate the State Department’s risk tolerance abroad,” both received committee approval.

As TheCoinRise reported, the ACES bill was introduced for the first time on February 16, 2022. If the bill is passed by the entire Senate, it will compel the federal government to evaluate El Salvador’s adoption of a Bitcoin law and determine if the country can “mitigate the financial integrity and cyber security risks” and fulfill FATF requirements. The organizations should develop a plan of action after 60 days of evaluation. 

Bukele asked that the US “stay out” of domestic issues of the country shortly after the ACES bill was introduced in February. 

“The U.S. government DOES NOT stand for freedom and that is a proven fact,” the Salvadoran leader stated. On March 23, the Senate Foreign Relations Committee showed a green signal to the bill, sponsored by Senators Bill Cassidy, James Risch, and Bob Menendez. The date of the ACES vote in the United States Senate has not yet been set.

It would be interesting to see how the country fights with the critics and the U.S. regulatory bodies. El Salvador, which wants to give citizenship to foreign investors, recently was in headlines for its challenges against the International Monetary Fund (IMF).