The U.S. Congress seems to be starting to take an interest in El Salvador’s adoption and use of Bitcoin as legal currency. Senators James Risch and Bob Menendez and Bill Cassidy introduced a bill called the “Accountability for Cryptocurrency in El Salvador Act” (or the ‘ACES Act) to monitor the impact of the new law on the United States and the nation.
Keeping an Eye on El Salvador
Although the bill was originally introduced on February 18, it came to light today because El Salvador President Nayib Bukele expressed surprise at its inclusion. He tweeted, “Never in all my wildest dreams would i have thought that the US Government might be afraid of what are we doing here.”
Although the bill does not explicitly mention ‘fear,’ it does reflect a growing concern among politicians over the potential impact of cryptocurrencies on the world. Section 2 actually contains a clause that asks for an examination of the “potential for decreased use by El Salvadorof the United States Dollar” in light the Bitcoin law.
The law would also require Federal departments in the United States to submit a plan to Congress within a period of 90 days to mitigate the impact of crypto legal tender adoption by any country using the dollar for such purposes.
As with many other authorities, senators also ask for an examination of how El Salvador’s adoption of crypto might aid countries like Russia in evading U.S. sanctions. This legislation, however, is supported by Republicans. It is not Elizabeth Warren’s bill.
Take Bitcoin seriously
Hillary Clinton and Donald Trump, among others, have warned about the threat of Bitcoin to the dollar’s global supremacy. However, frequent conversations about the weakness of the dollar and Bitcoin’s strength in these circumstances have only been started in light Russia’s and Ukraine’s conflicts and their economic fallouts.
Rumours circulating about other countries looking to legalize Bitcoin are not a coincidence. This would explain President Biden’s recent executive order describing his “urgency” in researching CBDC development. He stated that he wants to keep the dollar as a global reserve currency.
For months, El Salvador has been subject to criticisms from groups such as the International Monetary Fund or World Bank over Bitcoin. But President Bukele has remained bullish despite being criticized by groups like the International Monetary Fund and World Bank.
Marla Brooks – Financial Analysis
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