El Salvador Bitcoin Law: US Senators Propose Bill to Counter Risk from El Salvador BTC Adoption

Updated:

The US Senate Committee Foreign Relations released on Wednesday that Senators Risch (R-Idaho), Bob Menendez (D-N.J.), and Bill Cassidy (R-La.) recently introduced a bill dubbed the “Accountability for Cryptocurrency in El Salvador Act’’ (ACES Act).

Per the announcement, the proposed bill mandates a report from the State Department regarding El Salvador’s recent adoption of Bitcoin as legal tender and “a plan to mitigate potential risks to the US financial system.”

The mandated document is also required to contain a thorough examination of the Central American nation’s Bitcoin adoption move and the possible cybersecurity, economic stability, and democratic risks it brings. Expressing his disapproval of the move, Senator Risch noted:

“El Salvador’s adoption of bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable US trading partner in Central America.

This new policy has the potential to weaken US sanctions policy, empowering malign actors like China and organized criminal organizations. Our bipartisan legislation seeks greater clarity on El Salvador’s policy and requires the administration to mitigate potential risk to the US financial system.”

Meanwhile, Senator Cassidy cautioned that:

“El Salvador recognizing bitcoin as official currency opens the door for money laundering cartels and undermines US interests.”

However, El Salvador president Nayib Bukele has since dismissed the comments from the US senators, taking swipes at them on Twitter. The President recently tweeted:

“OK boomers… You have zero jurisdictions on a sovereign and independent nation. We are not your colony, your back yard, or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control.”

El Salvador Shows No Sign of Slowdown with Bitcoin Campaign

El Salvador introduced its Bitcoin law in September last year, where it made BTC a legal tender in the country alongside the US dollar. So far, the country has carried out several Bitcoin-related projects and holds 1,801 BTC. With its recent activities, it is clear the Central American nation has no intention of scaling down its Bitcoin plans and ambitions.

Meanwhile, Bukele recently predicted that two more countries would adopt BTC as legal tender this year.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.