El Salvador’s BTC Adoption Poses Risks To US Financial System

El Salvador’s BTC adoption poses risks to the US financial system, according to a few US Senators that introduced a new bill which seeks the Senate to review El Salvador’s BTC law and develop a new plan to mitigate the risks so let’s read further in today’s latest Bitcoin news.

The US Senators introduced legislation requiring the State Department to write a new report on El Salvador’s Bitcoin law and to develop a plan to mitigate the potential risks for the US financial system. The proposed law, the Accountability for cryptocurrency in El Salvador Act was introduced by, Bob Mendez, Jim Risch, and Bill Cassidy. In the press release, the senators said that El Salvador’s BTC adoption law raises major concerns and that the proposed legislation gives the State Department 60 days to produce a report on the Central American country’s adoption of BTC if the bill passes.

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 😉
https://t.co/pkejw6dtYn

— Nayib Bukele 🇸🇻 (@nayibbukele) February 16, 2022

Bitcoin as the biggest cryptocurrency by market cap is a legal tender in El Salvador, a tiny country in Central America, and the nation’s eccentric president Nayib Bukele proposed the law last year and passed it in September. The law requires businesses to accept BTC as payment if they have the technological means to do so. The government has a wallet for citizens to use called Chivo and gave its citizens free $30 of BTC to get started. One of the senators however said in a statement published on Wednesday:

“El Salvador’s adoption of Bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America. This new policy has the potential to weaken U.
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S. sanctions policy, empowering malign actors like China and organized criminal organizations. Our bipartisan legislation seeks greater clarity on El Salvador’s policy and requires the administration to mitigate potential risk to the U.S. financial system.”

Bukele responded on Twitter by calling the lawmakers “boomers” and said that they are not their colony so they don’t have to listen to their rules:

“Stay out of our internal affairs. Don’t try to control something you can’t control.”

The Bitcoin Law was criticized by the World Bank, JPMorgan, the IMF, and many more institutions. The IMF even asked El Salvador to drop the law. Citizens in the country protested against the law and what they see as an authoritarian government but the president is still largely popular among residents at least the polls show that result. President Bukele tweets when he buys BTC and he even claimed that he does it on his phone while being naked. Major merchants like McDonald’s and Starbucks in the country all accept crypto but many ordinary citizens don’t use it.