November 30, 2022

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Americans see the risk of accepting bitcoin for the financial system in El Salvador

Americans see the risk of accepting bitcoin for the financial system in El Salvador

Three U.S. senators a Proposal Filed due to the acceptance of Bitcoin as a legal tender in El Salvador. The risks to the US financial system are enormous, and the State Department must prepare a report to map them out.

Dollar first

Republican Senators Jim Rish and Bill Cassidy and Democrat Bob Menendez have introduced a plan entitled “Accountability for Cryptocurrency in El Salvador.”ACESThe essence of the proposal is that the State Department should be instructed to examine the risks to the United States of the legal tender status of bitcoin in El Salvador.

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Although El Salvador (population 6.5 million) is very small compared to the 330 million people in the United States, the status of bitcoin in Latin America is clearly a serious problem. In addition to Bitcoin, El Salvador is the only legal tender for the US dollar. The home currency was abolished many years ago.

“Recognizing El Salvador Bitcoin (BTC) as a legal tender opens the door to money laundering cartels and undermines US interests,” said Bill Cassidy. “If the United States wants to combat money laundering and protect the dollar’s role as the world’s currency, we must address this issue immediately.”

Pugel’s answer

President Naib Bukele responded quickly and concisely to a message from the US Senate via his favorite communications channel, Twitter.

“Okay, boomers. You have no zero legal authority in a sovereign and independent state. We are not your colony, your backyard or your front yard. Do not interfere in our internal affairs. Don’t try to control something you can’t control, ”he tweeted.

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Basic fear?

If the proposal is passed, the State Department should report the laundry list of topics related to Bitcoin and El Salvador.

Examples include the flow of capital back to El Salvador, efforts to combat illegal activities in both countries, and insights into the declining use of the US dollar by El Salvador.

At first glance, this proposal seems disproportionate, mainly revolving around the by-law that treats the dollar as a global reserve currency.

From the point of view of ‘boomers’ it is not so strange that it wants to suppress the problem before it spreads to other countries.

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