Hi Friend,
News on Crypto Street
Have you heard about the Accountability for Cryptocurrency in El Salvador (ACES) Act that was reintroduced in the United States Senate on May 11? Senators Bob Menendez and Jim Risch are behind this act, which aims to periodically oversee the process of Bitcoin adoption in El Salvador.
The purpose of this act is to assess the impact of BTC on the economic stability and governance of El Salvador, as well as to analyze potential risks related to cybersecurity and malicious actors. The reports will include detailed information about the flow of cryptocurrency remittances sent from the United States to El Salvador, in order to understand the risks associated with using BTC for illicit activities.
The bill was initially introduced in Congress in February 2022 by Senators Jim Risch, Menendez, and Cassidy. However, it did not receive a favorable response and has not been discussed again until now. Senator Risch continues to assert that the use of cryptocurrencies as legal tender could weaken economic and financial stability and empower malign actors.
While some may see this act as an attempt by the U.S. to interfere in El Salvador's affairs, it could also be seen as a way for the U.S. to gain a clearer understanding of how the adoption of BTC can affect the financial and economic stability of El Salvador. Perhaps, having access to such data could help them comprehend the potential advantages and disadvantages of implementing a CBDC based on the dollar.
It will be interesting to see how this act plays out, and whether or not President Nayib Bukele will respond to it. For now, he seems more focused on continuing to drive technological innovations and the adoption of cryptocurrencies in his country, rather than responding to politicians from another country with no jurisdiction over his own.
Join our Discord Server to be part of the conversation we'd like to hear from you!
Comments