A new bill to protect the American financial system
While El Salvador has adopted the Bitcoin (BTC) like legal tender last year, the United States is still concerned the impact of this initiative on its financial system. This Monday, April 4, US lawmakers proposed a new invoice named ” Liability for Cryptocurrency in El Salvador Act “.
The project was presented by Congresswoman Norma J. Torres and the Congressman Rick Crawford. Through a leaked statement in a tweet, Congressman Torres said the bill was necessary to protect the US financial system from ” you look reckless »By Salvador.
The replies to his tweet were not long in coming, e many reviews were made against him.
Today I introduced the Accountability for Cryptocurrency in El Salvador Act with @RepRickCrawford. El Salvador’s adoption of #Bitcoin it is not a thoughtful embrace of innovation, but a reckless bet that is destabilizing the country. https://t.co/Ag9K8fyHMb pic.twitter.com/4N8DN7895w
– Representative. Norma Torres (@NormaJTorres) April 5, 2022
In particular, the parliamentarian clarified in her statement:
” El Salvador is an independent democracy and we respect its right to self-government, but the United States must have a plan to protect our financial systems from the risks of this decision, which appears to be a reckless gamble rather than a considered adherence to it. innovation “.
The new legislation aims at to produce at the Department of State an analysis of El Salvador’s adoption of bitcoin as legal tender e risks to cyber security, economic stability and democratic governance ” in the country.
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The Bitcoin law in El Salvador: a law that scares financial institutions
Last year, El Salvador announced it would become Bitcoin (BTC). legal tender in the country. It’s here first time a country has taken such a stepand caused quite a stir in the mainstream media and financial institutions.
This groundbreaking law was an idea of the country’s president, Nayib B Look. Through this Bitcoin law, this 40-year president’s goal, denoting traditional politicians, was toattract investors and cryptocurrency traders to your country. All this to give to new dynamic to El Salvador’s economy, which still suffers from a bad reputation for its security, having long been one of the most violent countries in Central America.
Furthermore, since the adoption of this law, local tourism would have increased by 30% according to the government of El Salvador.
Moreover not everyone is satisfied of the various projects of the young president. American lawmakers still want to keep an eye on the small Central American country, whose size of the economy shouldn’t normally worry.
Congressman Jim Risch said in a statement:
The Bitcoin Act has the “potential to undermine US sanctioning policy by empowering malicious actors like China and organized criminal organizations. “.
In addition, the International Monetary Fund (IMF) and the World Bank have both criticized the bitcoin lawand even asked the country to abandon it, due to financial risks that she would cause.
👉 On the same topic – The US Senate considers the risks of adopting Bitcoin (BTC) in El Salvador
Source: Press release
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About the author: Timote Bernini
Passionate about the world of investments, cryptocurrencies have attracted my attention for some years. Having a great interest in the fields of new technologies and Web 3, that’s why I naturally wanted to write articles about Cryptoast, in order to contribute to the democratization of this universe in society.
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