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US Congresswoman Calls El Salvador's Bitcoin Adoption A Careless Gamble

 


In the United States, not all congressmen seem to agree on the topic of Bitcoin. One MP in particular sees more disadvantages than advantages in introducing Bitcoin.


US Representative for the 35th Circuit of California, Norma J. Torres, announced on April 4 that she, along with Congressman Rick Crawford, introduced the Accountability for Cryptocurrency in El Savlado (ACES) Act to assess the risks of adoption of Bitcoin in El Salvador for the US.


Torres wrote in a tweet that she saw it as a careless gamble for the Central American nation as she introduced the bill.


"El Salvador's adoption of Bitcoin is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country."


She added:


"El Salvador is an independent democracy and we respect its right to self-government, but the United States must have a plan to protect our financial systems from the risks of this decision."


The draft law requires the State Department to assess all risks to cybersecurity, economic stability and democratic governance in El Salvador. Furthermore, the outcome of accepting Bitcoin as legal tender should be considered and a strategy must be devised to mitigate the risks to the US financial system.


MP Crawford said:


“The rising popularity of cryptocurrencies like bitcoin raises questions and a needed regulatory and consumer protection review that should involve the U.S. federal government.”


It still seems clear to international communities that El Salvador's decision to accept Bitcoin as legal tender poses huge risks.


Earlier this year, the International Monetary Fund (IMF) described El Salvador's decision as a threat to financial stability and consumer protection. As a result, the IMF stopped lending to the country.


Moody's Sovereign Risk Group estimates that El Salvador could have lost as much as $22 million during a bitcoin market crash alone.


Ultimately, the bill seeks to ensure that El Salvador's actions will not adversely affect America's national security.

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