{"id":1986,"date":"2022-02-18T08:41:20","date_gmt":"2022-02-18T08:41:20","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=1986"},"modified":"2022-02-18T08:41:21","modified_gmt":"2022-02-18T08:41:21","slug":"us-lawmakers-introduce-bill-to-mitigate-risks-from-el-salvador-adopting-bitcoin-as-legal-tender","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1986","title":{"rendered":"US Lawmakers Introduce Bill to Mitigate Risks From El Salvador Adopting Bitcoin as Legal Tender"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Several U.S. lawmakers have introduced a bill to mitigate the risks from El Salvador adopting bitcoin as legal tender. \u201cEl Salvador recognizing bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests,\u201d said a U.S. senator.<br \/><\/strong><\/p>\n<h2>US Concerned About Risks From El Salvador\u2019s Bitcoin Law<\/h2>\n<p>The U.S. Senate Committee on Foreign Relations announced Wednesday that Senators Jim Risch (R-Idaho), Bob Menendez (D-N.J.), and Bill Cassidy (R-La.) have introduced a bill titled the \u2018\u2018Accountability for Cryptocurrency in El Salvador Act\u2019\u2019 or \u2018\u2018ACES Act.\u2019\u2019<\/p>\n<p>The proposed legislation requires a report from the State Department on El Salvador\u2019s adoption of bitcoin as legal tender and \u201ca plan to mitigate potential risks to the U.S. financial system,\u201d the announcement details. The State Department report would include an analysis of El Salvador\u2019s bitcoin adoption as legal tender and the risks for cybersecurity, economic stability, and democratic governance in El Salvador.<\/p>\n<p>Senator Risch commented:<\/p>\n<p>El Salvador\u2019s adoption of bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America.<\/p>\n<p>He added: \u201cThis new policy has the potential to weaken U.S. sanctions policy, empowering malign actors like China and organized criminal organizations. Our bipartisan legislation seeks greater clarity on El Salvador\u2019s policy and requires the administration to mitigate potential risk to the U.S. financial system.\u201d<\/p>\n<p>Senator Cassidy opined:<\/p>\n<p>El Salvador recognizing bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests.<\/p>\n<p>Responding to the bill\u2019s introduction, El Salvador\u2019s president, Nayib Bukele, tweeted:<\/p>\n<p>OK boomers\u2026 You have 0 jurisdiction 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\u2019t try to control something you can\u2019t control.<\/p>\n<p>El Salvador adopted bitcoin as legal tender alongside the U.S. dollar in September last year. Since then, the country has purchased 1,801 BTC altogether.<\/p>\n<p>The U.S. is not the only country concerned about El Salvador\u2019s Bitcoin law. In November last year, Bank of England (BOE) Governor Andrew Bailey raised concerns about bitcoin being used as legal tender in El Salvador.<\/p>\n<p>Furthermore, the International Monetary Fund (IMF) has repeatedly urged the country to abandon bitcoin as legal tender. According to the IMF, the costs of making BTC legal tender exceed the potential benefits.<\/p>\n<p>El Salvador, however, does not see a reason to scale back its Bitcoin law. In fact, President Bukele has predicted that two more countries will adopt BTC as legal tender this year.<\/p>\n<p><em><strong>What do you think about the U.S. introducing a bill to mitigate the risks from El Salvador adopting bitcoin as legal tender? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-lawmakers-introduce-bill-mitigate-risks-from-el-salvador-adopting-bitcoin-legal-tender\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several U.S. lawmakers have introduced a bill to mitigate the risks from El Salvador adopting bitcoin as legal tender. \u201cEl Salvador recognizing bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests,\u201d said a U.S. senator. US Concerned About Risks From El Salvador\u2019s Bitcoin Law The U.S. Senate Committee on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1986"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1986\/revisions"}],"predecessor-version":[{"id":1988,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1986\/revisions\/1988"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1987"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}