El Salvador president against US Senators’ Bitcoin law additional legislation proposal
US senators proposed a bill to fix the issues associated with the Bitcoin law of El Salvador.
On 16 February, a bipartisan group of US senators proposed a bill against the Vulnerabilities associated with the Bitcoin law of El Salvador.
If the proposed bill gets passed then it will give 60 days of time frame to the Federal agencies to submit a report that assesses many aspects of El Salvador’s abilities regarding cybersecurity and financial stability because of Bitcoin adoption as a currency.
Jim Risch and Bill Cassidy, Republican US senator, together proposed the bill with Democratic Senator Bob Menendez. With the announcement, Risch stated:
“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.”
Cassidy noted that the adoption of Bitcoin as Currency is giving a portal to push the surge in Money Laundering and undetermined US interests.
Reportedly, the first part of the proposed bill is aimed to guide El Salvador to introduce the Bitcoin law framework more perfectly, to make El Salvador’s Bitcoin law out of the “mitigate the financial integrity and cyber security risks”.
The next part of the bill is aimed to suggest that the El Salvador government create an infrastructure of the internet and restrict the degree of use of crypto in the country.
If this bill gets passed successfully then it will allow all the government agencies to bring their suggested framework in all manner for El Salvador. However this effort by US senators is to help El Salvador under restricted and safe ways to use Bitcoin as a currency but it is 100% confirmed that El Salvador president Nayib Bukele is not happy as well as not ready to accept any kind of proposal to bring any other additional legislation for Bitcoin.
On 17 February, Nayib Bukele wrote on Twitter, in response to this bill and said that El Salvador is an independent country and there can be no rules because of other countries’ suggestions or pressure. And also said that don’t control those things which cannot be controlled.
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