The United States Senate is set to deliberate on a bill that examines the ramifications of El Salvador’s decision to adopt Bitcoin as legal tender. This bill has infuriated some crypto enthusiasts, including El Salvador’s president, Nayib Bukele.
The Senate is expected to vote on whether or not to pass legislation to mitigate the dangers posed by El Salvador’s decision on the United States. Given El Salvador’s previous dependence on the U.S. financial system, some fear that El Salvador’s decision to adopt Bitcoin will negatively impact the U.S. financial system.
The bill has been passed out of committee and will be reviewed by the Senate.
The “Accountability for Cryptocurrency in El Salvador (ACES) Act” was spearheaded by several senators, James Risch, Bob Menendez, and Bill Cassidy.
In a statement, Risch disclosed,
“As El Salvador has adopted Bitcoin as legal tender, it’s important we understand and mitigate potential risks to the U.S. financial system.”
Part of the bill directs the relevant authorities to investigate the effects of the decisions, potential measures to mitigate the risks, and the monitoring of remittances from El Salvador.
El Salvador’s President, Nayib Bukele, spoke against the activities of the United States on Twitter.
“Never in my wildest dreams would I have thought that the U.S. Government would be afraid of what we are doing here.”
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