Salvadoran President Nayib Bukele said that the bill on the risks to the US financial system speaks to the concern of the US authorities about the adoption of bitcoin as a means of payment in El Salvador.
Nayib Bukele expressed dissatisfaction after the El Salvador Cryptocurrency Accountability Bill (ACES) was introduced in the US Congress by Senators James Risch, Bob Menendez and Bill Cassidy. In February, senators called on the US State Department to submit a report on the legalization of bitcoin as a means of payment in El Salvador, as it poses a threat to the US financial system.
“Never in my wildest dreams did I think that the US government would be afraid of what we are doing here.” wrote he’s on Twitter.
The authors of the bill actually call on the US authorities to control money transfers from El Salvador. The second paragraph of the bill openly calls on interested US agencies and departments to explore the “potential to reduce the use of the US dollar by El Salvador” in connection with the adoption of a law on the legalization of bitcoin in the country as a means of payment.
“As El Salvador has adopted bitcoin as legal tender, it is important that we understand and mitigate the potential risks to the US financial system,” said Senator Risch.
The bill calls on federal agencies to send to Congress a mitigation plan for the adoption of cryptocurrency as legal tender in the US by any country that already uses the dollar for such purposes within 90 days. In the project, senators are asked to study how the introduction of cryptocurrency in El Salvador can help unreliable countries avoid US sanctions.
Earlier, the founder of the cryptocurrency exchange BitMEX, Arthur Hayes, said that due to sanctions against Russia and other countries, Bitcoin will gain an advantage over gold and the US dollar.
Source: Bits
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