.SenatorMenendez and SenatorRisch — the chairman and ranking member of SenateForeign, respectively — have introduced legislation that they hope will be a safeguard against any risks that El Salvador’s adoption of bitcoin as legal tender may pose.
Sens. Bob Menendez and Jim Risch — the chairman and ranking member of the Foreign Relations Committee, respectively — announced the legislation, called the Accountability for Cryptocurrency in El Salvador Act, on Friday. The legislation was previously introduced and passed out of committee last year.
Salvadoran President Nayib Bukele, a young technocrat, announced that his country would make bitcoin a legal tender in 2021, becoming the first country to make such a move.El Salvador introduced federal digital wallets called Chivo, with the president envisioning Salvadorans using Chivo to pay for an array of products and services. The government has invested millions of dollars in bitcoin ATMs throughout the country.
“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here,” the president, a prolific social media user, posted on Twitter back in March of last year.
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