Friday, June 2, 2023

US Senate to vote on a bill about El Salvador’s Bitcoin Law

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El Salvador president Nayib Bukele on Wednesday expressed disappointment at the US government for what he termed as fear of the country’s work around its Bitcoin Law.

Bukele’s comments came after news that the US Senate was set to vote on a bill touching on El Salvador’s Bitcoin adoption.

The bill dubbed “Accountability for Cryptocurrency in El Salvador (ACES) Act,” passed the committee stage and would go to a vote before the US Senate.

‘ACES’ was introduced in February and is being fronted as a buffer against any would-be risks associated with El Salvador’s adoption of BTC as legal tender.

Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here,” Bukele said in a comment.

Per the legislation,  US lawmakers are ‘worried’ El Salvador’s Bitcoin Law could pose risks to the US financial system. Promoters of the bill are reportedly pushing it as part of a regulatory framework to help mitigate the potential risks, including criminal organisations and even the empowerment of China.

If voted into law, the State and Treasury Departments will be expected to look into ways to prevent such from happening.

The US Senate’s vote is yet another mark on the increasingly expanding circle of those to express concern or look to oppose El Salvador’s adoption of Bitcoin as a legal tender. The IMF and World Bank have previously spoken about it, with the IMF earlier this year asking El Salvador to “drop” its Bitcoin Law.

But despite all these, the country continues to march forward with the ‘experiment’, including the launch of a $1 billion Bitcoin bond.


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