US Senate Votes Bill on El Salvador’s Bitcoin Law

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El Salvador’s President Nayib Bukele on Wednesday expressed disappointment with the US government over what he termed as fears for the country’s work around its Bitcoin bill.

Bukele’s comments came after news that the US Senate would vote on a bill regarding Bitcoin’s acceptance in El Salvador.

The bill called “Accountability for Cryptocurrency in El Salvador (ACES) Act” passed the committee stage and was due to be voted for the US Senate.

“ACES” was launched in February and is used as a buffer against any risks associated with El Salvador’s acceptance of BTC as legal tender.

“Never in my wildest dreams would I have thought that the US government would be afraid of what we are doing here,” Bukele said. said in a comment.

Under the legislation, US lawmakers are “concerned” that El Salvador’s Bitcoin law could pose risks to the US financial system. Proponents of the bill are reportedly pushing it as part of a regulatory framework to help mitigate its potential risks, including criminal organizations and even empowering China.

If a law is passed, the Ministry of Foreign Affairs and Finance is expected to look for ways to prevent it.

The vote of the US Senate is yet another sign on the growing circle of those who express concern or want to oppose El Salvador’s acceptance of Bitcoin as legal tender. The IMF and World Bank have discussed it before, with the IMF asking El Salvador earlier this year to “drop” its Bitcoin law.

But despite all this, the country continues to march forward with the “experiment”, including the launch of a $1 billion Bitcoin bond.

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