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El Salvador has drafted a bill to mitigate the risks from the legalization of Bitcoin in El Salvador.

The El Salvador Cryptocurrency Accountability Act (ACES), which aims to mitigate the risks from the adoption of bitcoin as a means of payment in this country, has been submitted for consideration in the US Congress House of Representatives.

It was supported by California Democrat Norma Torres and Arkansas Republican Rick Crawford. The document will be evaluated by the financial services and foreign affairs committees.

In February, a group member of the Senate Foreign Relations Committee made a similar attempt. This was not overlooked by the President of El Salvador, who advised “not to try to control what the United States cannot control”.

Either way, legislators intend to force the State Department to create a certificate regarding the consequences of El Salvador’s decision for the United States.

“We need a plan to protect the financial system from the risks associated with this decision. [Легализация биткоина] seems more like a reckless gamble than a deliberate innovation. ”– In a statement to ACES.

Recall that El Salvador passed a bill on June 9, 2021 recognizing bitcoin as a legal means of payment.

Earlier, the IMF expressed its concerns about the risks associated with El Salvador’s bitcoin bonds. The organization has repeatedly urged the state to abandon the first cryptocurrency as a means of payment.

In March, the government delayed the issuance of the first cryptocurrency-backed bond from March to May-September.

Source: Fork Log



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