El Salvador’s Bitcoin Law was greeted by diverse reactions from different quarters. A group of senators has introduced a new bill designed to mitigate the potential risks associated with El Salvador’s adoption of Bitcoin as legal tender.
Republican Senators Bill Cassidy and Jim Risch introduced this bill to Congress, and it was signed by a Democrat Senator, Bob Menendez.
The proposed law, the Accountability for Cryptocurrency in El Salvador (ACES) Act aims to “mitigate potential risks to the U.S. financial system” like terrorism and money laundering.
Senator Risch stated in an announcement,
“El Salvador’s 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,” said Risch.
“This 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’s policy and requires the administration to mitigate potential risk to the U.S. financial system.”
Senator Cassidy added,
“El Salvador recognizing Bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests. If the United States wishes to combat money laundering and preserve the role of the dollar as a reserve currency of the world, we must tackle this issue head-on.”
Nayib Bukele, the El Salvador president reacted to the bill on Twitter,
“OK boomers…
You have 0 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.”
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