- Senators in the U.S. proposed a bill to protect it from the “risks” El Salvador’s BTC adoption poses on economic stability.
- The bill aims to require a State Department report on reducing these risks.
- President Nayib Bukele asks senators to “stay out” of country’s internal matters.
Senators Jim Risch (R-Idaho), Bob Menendez (D-N.J.), ranking member and chairman of the Senate Foreign Relations Committee, and Bill Cassidy (R-La.) has proposed the Accountability for Cryptocurrency in El Salvador (ACES) Act, which aims to require a State Department report on reducing risks to the United States financial system from El Salvador’s Bitcoin adoption.
Senators beset El Salvador
As per the statements by senators, Bitcoin adoption by El Salvador poses risks to the “economic stability and financial integrity of a vulnerable U.S. trading partner in Central America.”
“El Salvador recognizing Bitcoin (BTC) as official currency opens the door for money laundering cartels and undermines U.S. interests,” said Bill Cassidy (R-La.).
He adds that the United States must address this issue head-on if it wants to prevent money laundering and maintain the position of the dollar as the world’s reserve currency.
If the proposed bill passes, it would require the State Department to report on multiple matters regarding El Salvador and Bitcoin, such as remittance flow from the U.S. to El Salvador, regional and global efforts to fight cross-border criminal activities, and the possibility of country’s use of the greenback being reduced.
President asks to ‘stay out’ of internal affairs
Multiple big names have previously criticized the nation, including the World Bank, IMF, JPMorgan, and Ethereum co-founder Nayib Bukele for its Bitcoin adoption. The IMF even asked the country to drop the Bitcoin Law.
Despite the continuous criticism that the country faces, President Nayib Bukele asked the U.S. senators to “stay out” of the country’s internal matters after they proposed the investigative bill.
The 40 years old president took the matter to Twitter and called the older generation “Baby Boomers” by stating:
“Ok boomers… You have 0 jurisdiction on a sovereign and independent nation. We are not your colony, your back yard or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control.”
After the White House publicly denounced corruption cases in Bukele’s government and an increase of efforts to accumulate power, diplomatic relations between El Salvador and the U.S. have worsened.
