The proposed Accountability for Cryptocurrency in El Salvador Act (ACES) has passed its U.S Senate Foreign Relations Committee and is now heading to a full Senate vote. However, one person who is not happy with the development in El Salvador is president Nayib Bukele.
While responding to the proposed bill on Twitter, he questioned the US desire to push the bill. The bill was sponsored by Senators Bob Menendez, James Risch, and Bill Cassidy. When passed and fully in support by the Senate, the bill will “mitigate risks related to El Salvador’s adoption of Bitcoin as legal tender.”
The Bill Seeks To Mitigate The Risks From El Salvador’s Bitcoin Adoption
The ACES legislation came to light on February 16, 2022. When it successfully passes the full Senate’s watch, the bill would require the government to assess the enactment of Bitcoin law in El Salvador.
It will also determine whether the nation can meet the Financial Action Task Force (FATF) requirements. The agencies will come up with an action plan after 60 days of assessment on the bill. The date of the full Senate vote for the ACES bill has not been determined yet.
Bukele Says The US Is Not Interested In Freedom
After the committee introduced the ACES bill in February, Bukele told the US to “stay out” of El Salvador’s domestic affairs. The 40 years old El Salvadoran leader claimed that the US is not interested in Freedom and it has proven the fact already.
Bukele added that he never imagined that the US government would be interested in what the El Salvadoran government is doing regarding Bitcoin.
Last year, El Salvador became the first country to adopt Bitcoin as a legal tender. Since then, a series of criticisms have poured in, both from both internal bodies and international finance organizations. The fear is that the volatility of Bitcoin makes it very risky to be legally recognized as a medium of exchange. The IMF, in particular, has warned El Salvador to review the Bitcoin law of face monetary sanctions.
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