In the U.S. House of Representatives, the introduced for consideration Crypto Accountability Act in El Salvador (ACES), aimed at mitigating the risks of adopting Bitcoin as a means of payment in that country.
Its authors are California Democrat Norma Torres and Arkansas Republican Rick Crawford. The measure will be considered by the House Financial Services Committee and the Foreign Affairs Committee.
In February, a group of members of the Senate Foreign Relations Committee introduced a similar initiative. This advised not to try to control what the United States cannot control.
“We need a plan to safeguard the financial system from the risks associated with this decision. The legalization of Bitcoin appears more as a reckless venture than a well-thought-out implementation of innovation.”, said in a statement on ACES.
El Salvador passed a bill recognizing Bitcoin as legal tender on June 9, 2021.
Earlier, the IMF expressed concerns about the risks associated with El Salvador’s Bitcoin bonds. The organization repeatedly urged the country to abandon Bitcoin as a means of payment.
In March, the government moved back the issuance of Bitcoin-backed bonds, shifting from March to May–September.
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