The article was updated on 25th March, 3:17 am GMT.
El Salvador could soon turn out to be home to many crypto projects. From giving Bitcoin a legal stature to openly initiating an array of crypto-friendly developments, the country was making it big. Despite receiving consistent backlash from certain officials across the globe, the Salvadorian government has vowed to move forward. This country, painted in orange seems to have lured in prominent crypto exchange Binance.
Binance, one of the largest crypto exchanges in the globe was drowning in troubled waters last year. With regulators from across the globe ousting the exchange, Binance lost its headquarters as well. Following a nomadic life from China to the Cayman Islands, Binance seemed to be yearning to settle. El Salvador with its crypto-friendly notion seems to be a great choice.
The CEO of Binance Changpeng Zhao has been traveling across the globe. After returning from Brazil, CZ reportedly landed in El Salvador. At press time, The Binance CEO has already conducted his meeting with the president as indicated in the image above. While the reason behind the meeting is still under the wraps, speculations of how El Salvador could be Binance’s next home began surfacing. CZ responded positively to his encounter with Bukele. He tweeted,
Is the US Government Afraid of El Salvador?
The increased adoption of Bitcoin scared lawmakers from across the globe. A whole country adopting Bitcoin sent them dramatic shock waves. After the International Monetary Fund’s [IMF] backlash, the US Congress has expressed fear over El Salvador.
A bill titled “‘Accountability for Cryptocurrency in El Salvador [ACES] Act’’ was formulated by Senators James Risch, Bob Menendez, and Bill Cassidy. Through this, they intend to keep track of the impact of the latest inclusion of Bitcoin on the government and El Salvador as well. While this bill was out last month itself, it seems to have caught Bukele’s eye today.
Following the introduction of the bill, Bukele outrightly suggested that the US government did not stand for freedom. However, the Salvadorian government would continue standing for freedom. He even jokingly tweeted that he did not expect to garner the attention of the US government like this. His tweet read,