Bitcoin
$ 30,244
Litecoin
$ 72.32
Ethereum
$ 2,033.3

US Senate to vote on a bill about El Salvador’s Bitcoin Law


El Salvador president Nayib Bukele on Wednesday expressed disappointment at the US government for what he termed as fear of the country’s work around its Bitcoin Law.

Bukele’s comments came after news that the US Senate was set to vote on a bill touching on El Salvador’s Bitcoin adoption.

The bill dubbed “Accountability for Cryptocurrency in El Salvador (ACES) Act,” passed the committee stage and would go to a vote before the US Senate.

‘ACES’ was introduced in February and is being fronted as a buffer against any would-be risks associated with El Salvador’s adoption of BTC as legal tender.

Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here,” Bukele said in a comment.

Per the legislation,  US lawmakers are ‘worried’ El Salvador’s Bitcoin Law could pose risks to the US financial system. Promoters of the bill are reportedly pushing it as part of a regulatory framework to help mitigate the potential risks, including criminal organisations and even the empowerment of China.

If voted into law, the State and Treasury Departments will be expected to look into ways to prevent such from happening.

The US Senate’s vote is yet another mark on the increasingly expanding circle of those to express concern or look to oppose El Salvador’s adoption of Bitcoin as a legal tender. The IMF and World Bank have previously spoken about it, with the IMF earlier this year asking El Salvador to “drop” its Bitcoin Law.

But despite all these, the country continues to march forward with the ‘experiment’, including the launch of a $1 billion Bitcoin bond.

,

Source link

Related Posts

Leave a Reply

Top 10 Crypto Articles

Cardano (ADA) set for a 40% upswing
May 21, 2022By
KuCoin price has nosedived. Should you buy the KCS dip?
May 20, 2022By
NFT traders moving to Solana to avail of low barriers to entry
May 19, 2022By
2 reasons why the Ethereum price is plummeting
May 18, 2022By
Tron price prediction: USDD concerns remain
May 17, 2022By