ICYMI: 'Volcano Bonds' issuance has been delayed by the ElSalvador government Bitcoin BTC $BTC
El Salvador's credit rating almost exclusively on the basis of its crypto-based monetary and fiscal policies.Bukele's comments were made in direct response to anwritten by The Telegraph, a major British broadsheet newspaper, which said"the world should fear El Salvador's bizarre Bitcoin experiment.
Currently, the U.S. Dollar is used in 88% of foreign exchange transactions and generally dominates global central bank reserves. This offers the U.S. an immense amount of soft power to exert on individuals, banks and countries by threatening to shut them out of the dollar-clearing system. A decentralized financial system based on P2P crypto exchanges would undermine this source of U.S. influence.
Bukele welcomes this change, saying that the world should be made"that bit harder to police," and"Bitcoin fixes colonialism." This is not the first time Bukele had courted controversy. Not too long ago a Nobel laureate, Nouriel Roubini, said that Bukele