US congresswoman Norma J. Torres, along with Congressman Rick Crawford, presented a bill to mitigate risks to El Salvador’s adoption of Bitcoin.
Discussions continue regarding the possible risks posed by El Salvador’s adoption of Bitcoin as a legal currency. The April 4 bill, which aims to reduce the risks to Bitcoin adoption in El Salvador, is called Cryptocurrency Liability in El Salvador (ACES). Torres called El Salvador’s Bitcoin move a “careless gamble” in a tweet:
“El Salvador’s adoption of Bitcoin is not a thoughtful embrace of innovation, but a careless gamble that destabilizes the country. … El Salvador is an independent democracy and we respect its right to self-government, but the United States must have a plan to protect our financial systems from the risks of this decision.”
The bill includes assessing risks to cybersecurity, economic stability and democratic governance in El Salvador, which accepts Bitcoin as a currency, and develop a strategy for such risks that could be a threat to the US financial system.
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