Latin American country has shown an enthusiastic approach towards the crypto, especially bitcoin, which made it into the eyes of many countries
El Salvador has implemented a bitcoin agenda to make the flagship cryptocurrency a legal tender in the region. The decision however did not feel somehow surprising as the country has taken a positive approach towards bitcoin from the start, especially after President Nayib Bukele Came into power. Now the US would take some measures regarding El Salvador’s bitcoin decision, according to which some Congress members are working to create an all-new law that would make it necessary for El Salvador to report its bitcoin use to officials in America to ensure accountability.
Law by the US is called the Accountability for Cryptocurrency in El Salvador or the ACES act. The bill was written and expected to be introduced by Californian democrat Norma J. Torres and Rick Crawford, Arkansas republican. Since both the party members were there in the formation of the bill then it would be considered to be produced by Bipartisan efforts. The document is designed with the intention to analyze if there are any risks to the financial system of America if El Salvado switches over to bitcoin completely.
Democrat from California, Norma J. Torres earlier this week tweeted that the adoption of bitcoin in El Salvador is not some thoughtful embracement of innovation, rather it’s a careless gamble that would result in destabilizing the country. She also presented the bill for public viewing and explained further in the following statement what the document would work for the country.
She said that the legislation would direct the state department to produce an analysis of the adoption of bitcoin by El Salvador as legal tender and the risks that are considered to be posed on cybersecurity, economic stability, and governance in El Salvador. It would also create a plan to minimize the potential risks, if there are any, to the American economy or its financial system.
There is a lot that can be said for the bill, but here’s a catch that makes you wonder why US representatives need to interfere in the business of El Salvador. Probably it’s because, until September 2021 El Salvador was dependent for its survival on the US dollar. But now the country is utilizing the cryptocurrency bitcoin as their means of regaining their financial stability and independence and trying to get out from the influence of the US. Now America is septic if the country would not need USD to survive in the future and that’s why it’s assessing and middling in El Salvador’s bitcoin issue.
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Source: https://www.thecoinrepublic.com/2022/04/10/why-is-the-us-introducing-a-bill-to-regulate-bitcoin-in-el-salvador/