A gaggle of US senators has launched a invoice requiring experiences on the adoption of bitcoin as authorized tender in El Salvador.
The “Accountability for Cryptocurrency in El Salvador Act,” launched by Senator James Risch, Senator Bob Menendez and Senator Invoice Cassidy, requires the Secretary of State, in coordination with different related federal departments and companies, to submit a report on the adoption of bitcoin as authorized tender in El Salvador. The report should embrace an evaluation of the regulatory framework in El Salvador and the potential impression of Bitcoin adoption on macroeconomic stability, democratic governance, and the circulation of remittances from the US to El Salvador.
The invoice additionally requires a plan to mitigate any potential dangers to the US monetary system attributable to the adoption of a cryptocurrency as authorized tender in El Salvador and some other nation that makes use of the US greenback as authorized tender. In line with the invoice, the plan have to be submitted to the suitable congressional committees no later than 90 days after the report required by subsection (a).
The Bitcoin Legislation, handed by the Salvadoran authorities in June 2021, provides Bitcoin the standing of authorized tender within the nation. The measure was criticized by some consultants, who claimed that it might result in instability within the nation’s financial system. Others, nonetheless, noticed the transfer as a possible catalyst for wider use of bitcoin within the area. Regardless of the controversy surrounding the transfer, El Salvador has remained dedicated to its Bitcoin adoption plans.
