Opposition representatives said that the government was ready to exchange all the population’s dollar savings for bitcoins, while El Salvador’s income was already falling due to restrictions on external borrowing.
Bukele said that the opposition and critics of Bitcoin policies are “lying to the people of El Salvador” about irreparable losses to the state budget. Traditional financial institutions such as the International Monetary Fund, the World Bank or the Inter-American Development Bank have repeatedly called on El Salvador to abandon the crypto strategy, but the country still continues to follow its own path, the president assured.
The country has already received more than $300 million in net profits from investing in Bitcoin and mining the flagship cryptocurrency, Bukele said.
Previously registered in the British Virgin Islands, Tether announced that it is moving to cryptocurrency-friendly El Salvador, where Bitcoin is legalized as a means of payment.
Source: Bits
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