The ambassador of El Salvador to the United States revealed that his nation is not influenced by the attitudes of international institutions. The IMF as well as the other such entities have condemned the country’s choice to utilize Bitcoin (BTC) to be a legal tender.

Not afraid to burn the boats

The El Salvadoran ambassador to the United States, Milena Mayorga, informed Coindesk about the country’s unfazed stance of burning the boats of previous allies and moving ahead with the Bitcoin adoption thereof.

The ambassador comprehensively expressed the recent developments that took place after El Salvador’s achievement. She added that Washington DC only considers the dropping the supremacy of the American dollar and it can be understood. However, El Salvador ought to step forward and get to another stage.

The ambassador highlighted that BTC provides the country with a substitutive option for funding instead of the conventional methods given by aid-providing institutions such as the IMF. She stated that several countries are pursuing the pattern set by the country.

During the recent 30 years, El Salvador has undergone corrupt leadership providing no significant attention to its economic scenario due to obvious scarcity of transparency, she added, and BTC will assist the administration of Nayib Bukele (the current president of the country) in providing Salvadorans with numerous opportunities as well as a well-established economy.

Before the Bitcoin Law’s implementation, some concerns had been voiced by the IMF in contradiction of the country’s BTC adoption as per the volatility of the asset that could supposedly be unfavourable for the economy of the country. In a concluding statement given recently, the organization mentioned that concerns were present regarding the protection of the investors utilizing the Chivo wallet nevertheless it remarked that the El Salvadoran economy has recovered following the pandemic.

The ambassador spots the highs

Mayorga availed the chance of citing the strides made by the country after its Bitcoin adoption as a legal tender. She clarified that more than 80% of the citizens are utilizing the Chivo wallet and the country has obtained comprehensive financial inclusivity in this way. During just two months, the respective wallet has taken a place of being the most prominent venue for the payments across the country having administered up to $32,000,000 in recompenses from only the United States with zero charges.