President Nayib Bukele reacted to the news of the introduction of legislation to mitigate an alleged “risk after El Salvador’s Bitcoin adoption”. The Salvadoran president stated unequivocally that the United States has no jurisdiction over El Salvador, a sovereign and independent nation. Also, told the US to stay out of Salvadoran internal affairs.

OK boomers…

You have 0 jurisdiction on a sovereign and independent nation.

We are not your colony, your back yard or your front yard.

Stay out of our internal affairs.

Don’t try to control something you can’t control 😉
https://t.co/pkejw6dtYn

— Nayib Bukele 🇸🇻 (@nayibbukele) February 16, 2022

The Foreign Relations Committee based their legislation on “significant concerns of economic stability & financial integrity” saying that “this [Salvadoran Bitcoin adoption] has the potential to weaken US sanctions, empowering malign actors like #China”.

#ElSalvador’s adoption of Bitcoin as legal tender raises significant concerns of economic stability & financial integrity. This has the potential to weaken US sanctions, empowering malign actors like #China. Our bipartisan legislation to mitigate the risks:https://t.co/TXEy8Lliph

— Senate Foreign Relations Committee Ranking Member (@SenateForeign) February 16, 2022

The State Department report would require:

• An analysis of El Salvador’s adoption of Bitcoin as legal tender and the risks for cybersecurity, economic stability, and democratic governance in El Salvador.
• A plan to mitigate potential risks to the U.S. financial system.