{"id":406707,"date":"2022-02-17T08:23:42","date_gmt":"2022-02-17T05:23:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-bill-aims-to-mitigate-risks-to-us-from-el-salvadors-bitcoin-law\/"},"modified":"2022-02-17T08:23:42","modified_gmt":"2022-02-17T05:23:42","slug":"new-bill-aims-to-mitigate-risks-to-us-from-el-salvadors-bitcoin-law","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-bill-aims-to-mitigate-risks-to-us-from-el-salvadors-bitcoin-law\/","title":{"rendered":"# New bill aims to ‘mitigate risks’ to US from El Salvador’s Bitcoin Law"},"content":{"rendered":"

“# New bill aims to ‘mitigate risks’ to US from El Salvador’s Bitcoin Law <\/strong>”<\/p>\n

A bipartisan group of senators introduced legislation in the U.S. Senate which seeks to mitigate perceived risks posed by El Salvador\u2019s adoption of Bitcoin as a legal currency.<\/p>\n

The proposed<\/a> Accountability for Cryptocurrency in El Salvador Act<\/em> (ACES) aims to \u201cmitigate potential risks to the U.S. financial system\u201d such as money laundering and terrorism funding.<\/p>\n

The bill<\/a> was introduced by Republican Senators Jim Risch and Bill Cassidy with Democratic Senator Bob Menendez signing on. Senator Risch wrote in the Feb. 16 announcement that:<\/p>\n

\u201cEl Salvador\u2019s 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.\u201d<\/p><\/blockquote>\n

Senator Cassidy wrote that \u201crecognizing Bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests.\u201d<\/p>\n

If the bill passes, it would give Federal agencies 60 days to submit a report that assesses several aspects of the Central American nation\u2019s abilities regarding cybersecurity and financial stability.<\/p>\n

The first part of the report would assess how El Salvador developed and enacted the Bitcoin Law, how El Salvador will \u201cmitigate the financial integrity and cyber security risks\u201d from virtual assets, whether it meets Financial Action Task Force (FATF) requirements, the impact on individuals and businesses, and the effect crypto will have on its economy.<\/p>\n

The next part of the report would describe El Salvador\u2019s internet infrastructure and assess \u201cthe degree to which cryptocurrency is used\u201d there, custody of funds and the potential for hacks, and the rate of financial access underprivileged or unbanked El Salvadorans enjoy.<\/p>\n

<\/figure>\n

Following the issuance of these reports, the bill would stipulate action plans from various agencies based on the findings.<\/p>\n

El Salvador\u2019s President Nayib Bukele reacted against the perceived interference in his country, tweeting \u201cYou have 0 jurisdiction on a sovereign and independent nation. We are not your colony, your back yard, or your front yard.\u201d<\/p>\n

\n

OK boomers\u2026<\/p>\n

You have 0 jurisdiction on a sovereign and independent nation.<\/p>\n

We are not your colony, your back yard or your front yard.<\/p>\n

Stay out of our internal affairs.<\/p>\n

Don\u2019t try to control something you can\u2019t control
https:\/\/t.co\/pkejw6dtYn<\/a><\/p>\n

\u2014 Nayib Bukele (@nayibbukele) February 16, 2022<\/a><\/p><\/blockquote>\n