Bitcoin in El Salvador means risks to the US financial system

An alert arrives from the US in El Salvador: The decision to legalize Bitcoin puts our financial stability at risk

Bitcoin, which was decided on by El Salvador, is only positively legalized by cryptocurrency traders and many ordinary citizens. As for the upper floors starting with the IMF, theAttribution of Legal Bidding to Bitcoin It was rated negatively. In fact, many transaction bodies, throwing away the papers of the sacred principle of non-interference in the internal affairs of a sovereign state (like El Salvador), have gone so far as to ask the Salvadoran government to follow in its footsteps.

It is clear that the Latin state remained in its position despite the enormous pressures that followed. On the other hand, the trend of bitcoin has not been overshadowed by threats. The value of the cryptocurrency continues to stay above $40K. In the past few days, after a long period of overlap, Bitcoin appears to have taken a turn by starting this reversal that has been talked about for some time. Good news for the traders who activated it Long positions on cryptocurrency.

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Meanwhile, in the face of international pressure on El Salvador, the position taken by the US Senate, which has drawn up a bill requiring the State Department to push the Latin nation to bitcoin law review. Senators have asked the administration to formulate a plan to mitigate any risks to the US financial system.

The proposed law is called Accountability for Cryptocurrency in El Salvador (ACES), presented by Jim Risch, Bob Menendez, Chairman of the Senate Foreign Relations Committee, and Bill Cassidy. In the press release issued to introduce the initiative, the senators highlighted that the waiving of the legal tender for bitcoin decided by El Salvador raises significant concerns on the part of the United States. The proposal calls for the State Department to issue a report, within 30 days, on the adoption of bitcoin by the Central American country if the law is passed.

In a statement released last Wednesday, US Senator Rich said that El Salvador’s decision to legally tender Bitcoin raises important concerns about the economic stability and financial soundness of a country like El Salvador, which is an important trading partner of the USA in Central America. In the words of the senator, there was no shortage Rush more decisive and threatening. According to Rich, El Salvador’s decision has the potential to undermine US sanctions policy itself by empowering malign actors such as China and genuine criminal organizations.

In short, the senator flicked off practically all the classic tools of Bitcoin opponents (and advocates of current financial relations) to express his disappointment with El Salvador’s decision. If this is not interference in the internal affairs of a sovereign state…

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