TL;DR Breakdown
- Nayib Bukele questions England love for El Salvador over Bitcoin adoption.
- England expreses concern over El Salvador Bitcoin law.
- Outside England IMF also criticized El Salvador over Bitcoin law.
After he expressed concerns over Bitcoin adoption in the country, El Salvador President Nayib Bukele has sent a cryptic response to the Governor of the Bank of England, Andrew Bailey.
Over the weekend, Bailey said he is not a fan of bitcoin or its growing adoption in countries like El Salvador. He expressed concerns while speaking at Cambridge University, asking if Salvadorians are aware of Bitcoin’s volatility.
“It concerns me that a country would choose it as its national currency,” Bailey said in response to a question at an appearance at the Cambridge University student union on Thursday. “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.”
Bank of England is not the only international body to express concerns over Bitcoin adoption by El Salvador. Since June, when the Central American country announced its Bitcoin intention, numerous global financial organizations have tried to warn the country not to do it.
Outside the Bank of England, the IMF also criticized the move by the country.
Nayib Bukele’s cryptic, Ironic response
While addressing Bailey’s most recent comments, President Bukele responded in a tweet pointing at the “genuine” concerns that the BOE has for the people of El Salvador.
“Bank of England is “worried about El Salvador’s adoption of Bitcoin? Really?
I guess the Bank of England’s interest in the well-being of our people is genuine. Right?
I mean, they have always cared about our people. Always.
Gotta love Bank of England,” he wrote.
El Salvador adopted Bitcoin as its legal tender months back, and according to Nayib Bukele, there has been progress since the country made the move.
For instance, the nation has used the aforementioned volatility, especially when the price dips, to accumulate more portions of the asset and to use the profits when the price increases to make plans for buying pet hospitals or new schools.
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