US Senators Eyeing El Salvador Bitcoin (BTC) Resolution in Reintroduced Bill: Report
US senators are reportedly reintroducing a bill that would allow them to track and monitor developments related to El Salvador’s introduction of Bitcoin (BTC).
According to a new report from the Washington Examiner, Senators Bob Menendez, a Democrat from New Jersey, and Jim Risch, a Republican from Idaho, have announced the El Salvador Cryptocurrency Accountability Act.
The bill would allow the State Department to create reports on how the Central American nation’s adoption of the crypto-king as legal tender affects El Salvador’s cybersecurity, economic stability and democratic governance.
Lawmakers are also interested in seeing how effectively El Salvador can combat illegal activities, such as money laundering.
As stated by Risch to the Washington Examiner,
“Using cryptocurrency as legal tender can undermine economic and financial stability and empower malicious actors. Given the United States’ interest in prosperity and transparency in Central America, we must seek greater clarity on how the use of Bitcoin as legal tender may affect El Salvador’s financial and economic stability, as well as El Salvador’s capacity to effectively combat money laundering and illicit finance.”
El Salvador made history in mid-2021 after Nayib Bukele, the nation’s president, deemed the largest crypto-asset by market capitalization as legal tender, making El Salvador the first country to take such a step.
The Salvadoran government also invested heavily in Chivo, its federal digital wallet, as well as BTC ATMs around the country, according to the report.
However, Bitcoin and crypto markets plunged to as low as $16,300 in 2022 after a series of high-profile collapses, including the multibillion-dollar declines of stablecoin issuer Terra (LUNA) and crypto exchange FTX.
BTC has since recovered and is trading at $26,884 at the time of writing.
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Featured image: Shutterstock/jovan vitanovski/Andy Chipus
