© Reuters Project to analyze bitcoin risks in El Salvador presented in the US
Washington, Apr 4 (.).- Two US congressmen presented a bill on Monday to analyze the risks posed to the financial system in the US by the adoption of the as legal currency in El Salvador and create a plan that mitigate them.
It is a complementary legislation to the initiative “Law for the Responsibility of Cryptocurrencies in El Salvador” proposed last February by three senators, according to a statement from congressmen Norma Torres and Rick Crawford, its promoters.
The text orders the US Department of State to analyze “the risks to cyber security, economic stability and democracy” that bitcoin has for El Salvador and design “a plan to mitigate the risks for the US financial system.” .
Torres, Democratic congressman for California and president of the Central American caucus, highlighted in the note that global financial institutions have detailed the “risks” of the adoption of bitcoin by the government of the Central American country, whose management he criticized.
“El Salvador is an independent democracy and we respect its right to self-government, but the US must have a plan to protect our financial systems from the risks of this decision, which seems more like a reckless game than a thoughtful bet on innovation,” said.
For his part, Crawford, a Republican congressman from Arkansas, considered that the growing popularity of cryptocurrencies implies a “necessary review of regulation and consumer protection” in which the federal government should be involved.
He also expressed that El Salvador’s decision to adopt bitcoin in September of last year has caused “concern regarding the stability of the economic relationship” that it has with the US, for which he considers it important to “understand” its “potential effects “.
The bill was introduced in the Senate in mid-February by Democratic Senator Bob Menéndez, chairman of the House Foreign Affairs Committee; and Republicans Jim Risch (the highest-ranking conservative on that committee) and Bill Cassidy.
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