Changpeng Zhao, CEO of the world's largest crypto exchange Binance, met with El Salvador President Nayib Bukele today to discuss various investment opportunities in the country regarding Bitcoin. It was said that El Salvador's use of Bitcoin as a legal payment tool and the expected support from Binance for the country's Bitcoin bond issuance was the main topic at this meeting. Zhao, on the other hand, said that while evaluating the meeting on Twitter, there was no talk about Bitcoin bonds.
El Salvador's Finance Minister, Alejandro Zelaya, announced earlier this week that the country is delaying the $1 billion bitcoin bond offering, scheduled for March 15-20, due to unfavorable market conditions. It was reported that El Salvador's Ambassador to the USA Milena Mayorga and several other investors also attended today's meeting.
Earlier, the Binance CEO expressed his satisfaction that El Salvador has taken a leading role in the adoption of Bitcoin and stated that Bukele's leadership is a bold move for the future. President Bukele also expressed his displeasure that a bill that seeks to reduce the risks to the American financial system arising from El Salvador's adoption of Bitcoin is passed through the committee and moves forward in the US Senate.
The US Senate Foreign Relations Committee (SFRC) has approved the “Cryptocurrency Accountability Bill in El Salvador Law.” The bill was presented on February 16 by Senators Jim Risch, Bob Menendez, and Bill Cassidy, and El Salvador's Bitcoin is legal tender. It aims to reduce the risks caused by accepting it as an intermediary.
The proposed legislation requests a report from the State Department on El Salvador's acceptance of Bitcoin as a legal tender and a plan to mitigate potential risks to the US financial system. The report will include an analysis of El Salvador's Bitcoin law and risks to cybersecurity, economic stability and democratic governance.
El Salvador adopted Bitcoin as its national currency along with the US dollar in September last year. Since then, the country has added a total of 1,801 BTC to its treasury. The United States is not the only country bothered by El Salvador's Bitcoin law. In November last year, the Bank of England also shared its concerns about Bitcoin becoming legal in El Salvador. In addition, the International Monetary Fund (IMF) has repeatedly called on the country to abandon the Bitcoin law. But El Salvador sees no reason to abandon the Bitcoin law. In addition, El Salvador President Bukele claimed that two more countries will accept BTC as legal tender this year.