US Lawmakers Introduce Bill to Mitigate Risks From El Salvador Adopting Bitcoin as Legal Tender

Several U.S. lawmakers person introduced a measure to mitigate the risks from El Salvador adopting bitcoin arsenic ineligible tender. “El Salvador recognizing bitcoin arsenic authoritative currency opens the doorway for wealth laundering cartels and undermines U.S. interests,” said a U.S. senator.

US Concerned About Risks From El Salvador’s Bitcoin Law

The U.S. Senate Committee connected Foreign Relations announced Wednesday that Senators Jim Risch (R-Idaho), Bob Menendez (D-N.J.), and Bill Cassidy (R-La.) person introduced a bill titled the ‘‘Accountability for Cryptocurrency successful El Salvador Act’’ oregon ‘‘ACES Act.’’

The projected authorities requires a study from the State Department connected El Salvador’s adoption of bitcoin arsenic ineligible tender and “a program to mitigate imaginable risks to the U.S. fiscal system,” the announcement details. The State Department study would see an investigation of El Salvador’s bitcoin adoption arsenic ineligible tender and the risks for cybersecurity, economical stability, and antiauthoritarian governance successful El Salvador.

Senator Risch commented:

El Salvador’s adoption of bitcoin arsenic ineligible tender raises important concerns astir the economical stableness and fiscal integrity of a susceptible U.S. trading spouse successful Central America.

He added: “This caller argumentation has the imaginable to weaken U.S. sanctions policy, empowering malign actors similar China and organized transgression organizations. Our bipartisan authorities seeks greater clarity connected El Salvador’s argumentation and requires the medication to mitigate imaginable hazard to the U.S. fiscal system.”

Senator Cassidy opined:

El Salvador recognizing bitcoin arsenic authoritative currency opens the doorway for wealth laundering cartels and undermines U.S. interests.

Responding to the bill’s introduction, El Salvador’s president, Nayib Bukele, tweeted:

OK boomers… You person 0 jurisdiction connected a sovereign and autarkic nation. We are not your colony, your backmost gait oregon your beforehand yard. Stay retired of our interior affairs. Don’t effort to power thing you can’t control.

El Salvador adopted bitcoin arsenic ineligible tender alongside the U.S. dollar successful September past year. Since then, the state has purchased 1,801 BTC altogether.

The U.S. is not the lone state acrophobic astir El Salvador’s Bitcoin law. In November past year, Bank of England (BOE) Governor Andrew Bailey raised concerns astir bitcoin being utilized arsenic ineligible tender successful El Salvador.

Furthermore, the International Monetary Fund (IMF) has repeatedly urged the state to abandon bitcoin arsenic ineligible tender. According to the IMF, the costs of making BTC ineligible tender transcend the imaginable benefits.

El Salvador, however, does not spot a crushed to standard backmost its Bitcoin law. In fact, President Bukele has predicted that two much countries volition follow BTC arsenic ineligible tender this year.

What bash you deliberation astir the U.S. introducing a measure to mitigate the risks from El Salvador adopting bitcoin arsenic ineligible tender? Let america cognize successful the comments conception below.

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