2 years ago
U.S. representatives Norma J. Torres (D-Calif.) and Rick Crawford (R-Ark.) connected Monday introduced the Accountability for Cryptocurrency successful El Salvador (ACES) Act, looking to mitigate risks to the U.S. fiscal strategy from El Salvador's adoption of bitcoin (BTC) arsenic ineligible tender.
“El Salvador’s adoption of bitcoin is not a thoughtful clasp of innovation, but a careless gamble that is destabilizing the country,” Torres tweeted Monday.
According to a release published by Torres, “the authorities directs the State Department to nutrient an investigation of El Salvador’s adoption of bitcoin arsenic ineligible tender and the risks for cybersecurity, economical stableness and antiauthoritarian governance successful El Salvador, and make a program to mitigate imaginable risks to the U.S. fiscal system.”
For notation connected "risks," El Salvador's GDP is astir $25 cardinal versus U.S. GDP of $21 trillion.
The measure functions arsenic a companion to the Senate measure introduced by senators James Risch (R-Idaho), Bob Menendez (D-N.J.) and Bill Cassidy (R-La.) connected Feb. 16. That authorities precocious out of committee connected March 23, putting it connected way to beryllium voted connected by the afloat Senate.
At the time, El Salvador's president, Nayib Bukele, expressed his disagreement with the bill: “Never successful my wildest dreams would I person thought that the U.S. [government] would beryllium acrophobic of what we are doing here,” helium tweeted.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Andrés Engler is simply a CoinDesk concern newsman based successful Argentina, wherever helium covers the Latin American crypto ecosystem. He holds nary crypto.
Sign up for Money Reimagined, our play newsletter exploring the translation of worth successful the integer age.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 