Senators Propose Bill to Investigate Effects of Bitcoin Experiment in El Salvador
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Answer Senators Propose Bill to Investigate Effects of Bitcoin Experiment in El Salvador
It appears that the US Congress is starting to care, or is already interested in El Salvador’s adoption of Bitcoin as legal tender.
Senators James Rich, Bob Menendez, and Bill Cassidy introduced a bill entitled:
“Accountability for Cryptocurrencies in El Salvador Law” (or “ACES” Law)
In order to monitor the effects of the new El Salvador law on El Salvador and the United States of America.
Observation of the El Salvador experience:
The bill was introduced on February 18, but came into the limelight today after El Salvador’s President Nayib Bukele expressed shock over it.
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He wrote on Twitter:
I would never have thought, even in my wildest dreams, that the United States government would be afraid of what we are doing here.
Never in my wildest dreams would I have thought that the United States government would be afraid of what we are doing here. pic.twitter.com/QgJPa70mn0
– Neb Bukele (@nayibbukele) March 23, 2022
Although the bill does not explicitly state the apprehension, it does reflect a new wariness among politicians about the impact of cryptocurrencies on the world.
In fact, there is one clause in Section 2 that calls for an examination of the possibility of El Salvador using Bitcoin to depreciate the US dollar in light of the new Bitcoin law.
The senators are also asking for an examination of how cryptocurrencies are used in El Salvador and how this could help countries like Russia evade US sanctions.
Taking Bitcoin Seriously:
Some politicians, from Hillary Clinton to Donald Trump, have long warned of Bitcoin’s threat to the dollar’s global supremacy.
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In light of the conflict between Russia and Ukraine and its economic repercussions, a recurring conversation has begun about the weakness of the dollar, and the strength of Bitcoin, in such circumstances.
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It may not be a coincidence that rumors have been circulating about many countries considering legal tender for bitcoin alongside El Salvador.
It also explains President Biden’s urgency in seeking to develop a central bank digital currency in his recent executive order, with the stated goal of retaining the dollar’s status as a global reserve currency.
El Salvador has received criticism from groups such as the International Monetary Fund and the World Bank for several months over bitcoin.
But President Bukele has consistently defied these critics and maintained his enthusiasm and optimism.
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