The US will vote for a law that will create obstacles to the bitcoinization of El Salvador

The full U.S. Senate will vote on a bill aimed at reducing the risks to the U.S. financial system associated with El Salvador’s acceptance of bitcoin as legal tender. The Senate is obliged to vote as the bill was passed by the relevant committee yesterday. on February 16, Senators James Risch (Idaho), Bob Menendez (New Jersey), and Bill Cassidy (Louisiana) introduced the El Salvador Cryptocurrency Control and Accounting Act. «As El Salvador has adopted bitcoin as a means of payment, it is important that we understand and mitigate the potential risks to the U.S. financial system,» Risch said in a statement on Wednesday, adding that the law would require the State Department and Treasury (as well as other federal agencies) to mitigate risks associated with El Salvador and its financial system. This, according to the parliamentarians, could be used to weaken the country by the Chinese authorities and organized crime organizations. The bill would also oblige the US authorities to monitor money transfers from El Salvador. El Salvador’s President Nayib Buchele expressed dissatisfaction after the bill was passed in committee. «Never in my wildest fantasies could I have thought that the US government would be afraid of what we are doing here,» he wrote on Twitter, which has recently been his main vehicle for communication with the international community. Last fall, El Salvador adopted bitcoin as a means of payment, launching a state-backed crypto wallet and offering incentives for bitcoin use. Buchele announced then that the country would raise $ 1 billion by issuing bonds backed by bitcoin, although it was recently decided to postpone the government bond issue. Hang in there, El Salvador!