Victoria Nuland, Under Secretary of State for Political Affairs, traveled with an interagency team to Paraguay, Panama, and El Salvador from June 27 to June 30 to meet with senior leaders, government officials, and civil society in the region.
During her trip to El Salvador, the U.S. delegation met with President Bukele and other political leaders to discuss various goals. She also met with members of civil society and the private sector to discuss the key role these groups play in creating an environment in which all Salvadorans can thrive.
She also advocated for bitcoin regulation once it becomes legal tender in the Central American country in September. El Salvador’s official currency is the US dollar, but on June 9 it authorized the adoption of bitcoin as its legal currency.
After the Colonial Pipeline cyberattack, Nuland informed Bukele that the US was taking another careful look at bitcoin.
The pipeline, which provides almost half of the East Coast’s gasoline, was shut down for several days, resulting in gas panic buying, shortages, and price increases in several regions. It seems to be the greatest cyberattack on American energy infrastructure in history.
After a meeting with El Salvador’s president, Nayib Bukele, Nuland stated that,
I suggested to the president that whatever El Salvador chooses to do, make sure that it is well-regulated, open and responsible and that one protects against actors with evil intentions
George Kikvadze, ex Advisory Board Member of Georgian Co-Investment Fund recently praised Nayib Bukele by tweeting,
A few years back when bitcoin was at $200 I lobbied Georgian Government officials to invest up to $100 mln into BTC from Reserves. No one listened. Had they listened the ENTIRE EXTERNAL DEBT of $17 BLN would have BEEN PAID OFF by now. The world needs more of @nayibbukele.
However, Gerry Rice, the spokesperson for the IMF, previously said El Salvador’s decision and law raises several macroeconomic, financial and legal issues that require very careful analysis.
The Salvadoran government recently met with the International Monetary Fund to discuss its bitcoin decision, which Finance Minister Alejandro Zelaya praised as fruitful. The World Bank, on the other hand, turned down El Salvador’s request for aid in its attempt to adopt bitcoin as an official currency.
On a positive note, the high-ranking U.S. diplomat said she hope El Salvador and the International Monetary Fund would come to terms on a financing agreement following differences over the country’s bitcoin law.
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