US Senators Monitor Adoption of El Salvador Bitcoin (BTC) in Reintroduced Bill: Report

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US senators have reportedly reintroduced a bill that would allow them to track and monitor developments related to the adoption of Bitcoin (BTC) by El Salvador.

According to a new report from the Washington Examiner, Senators Bob Menendez, a Democrat from New Jersey, and Jim Risch, a Republican from Idaho, announced the El Salvador Cryptocurrency Accountability Act.

The bill would allow the State Department to create reports on the impact of Central American countries’ adoption of the crypto-king as legal tender on El Salvador’s cybersecurity, economic stability, and democratic governance. Salvador.

Lawmakers also want to see how effectively El Salvador can combat illegal activities, such as money laundering.

As Risch told the Washington Examiner,

Using cryptocurrency as legal tender could weaken economic and financial stability and empower malicious actors. Given the United States’ interest in prosperity and transparency in Central America, we must seek greater clarity on how the adoption of Bitcoin as legal tender may impact the financial and economic stability of Central America. El Salvador, as well as on El Salvador’s ability to effectively combat money laundering and illicit finance.

El Salvador made history in mid-2021 after Nayib Bukele, the nations president, deemed the top crypto asset by market capitalization to be legal tender, making El Salvador the first country to achieve such a milestone.

The Salvadoran government has also invested heavily in Chivo, its federal digital wallet, as well as BTC ATMs across the country, according to the report.

However, Bitcoin and the crypto markets have plunged to $16,300 in 2022 after a series of high-profile meltdowns, including the multi-billion dollar tumbles of stablecoin issuer Terra (LUNA) and Bitcoin. FTX crypto exchange.

BTC has since recovered and is trading for $26,884 at the time of writing.

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Feature image: Shutterstock/jovan vitanovski/Andy Chipus

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