El Salvador was attacked again, this time by a line of United States (US) senators made up of the Democratic party - Jim Risch, Bill Cassidy, and Republicans - Bob Menendez.
Through these three -figure efforts, a new act - the ‘Accountability for Cryptocurrency in El Salvador Act (ACES)’ has been tabled for the purpose of addressing any Bitcoin (BTC) related risks to the US financial system:
"Lifting Bitcoin as the official currency has opened the door to money laundering cartels, and undermined US interests."
If the bill is passed, Federal agencies get a 60-day period to submit reports on Bitcoin usage in El Salvador:
How the country produces and implements the Bitcoin Law.
How El Salvador reduces financial integrity and cybersecurity risks from virtual assets.
How does it ascertain whether the asset meets the requirements of the Financial Action Task Force (FATF).
How to identify the impact of these assets on individuals and businesses, as well as the national economy.
Not only that, the report should also focus on:
El Salvador's internet infrastructure and assess the extent to which bitcoin is used in the country.
An assessment of the custody of the fund and its potential for hacking.
The rate of financial access enjoyed by the people of El Salvador, covers the poor and does not have a bank account.
The reaction of the president of El Salvador
On February 17, Nayib Bukele posted a tweet criticizing the act introduced by the US senator.
According to him, the enforcement authorities are not qualified to interfere in the affairs of his country, and urged not to control the decisions made:
“OK boomers. You do not have any jurisdiction over this country and we are not in your colony. Stop caring about our business. Don't control something you can't control. ”
OK boomers…
You have 0 jurisdiction on a sovereign and independent nation.
We are not your colony, your back yard or your front yard.
Stay out of our internal affairs.
Don’t try to control something you can’t control 😉
https://t.co/pkejw6dtYn
- Nayib Bukele 🇸🇻 (@nayibbukele) February 16, 2022
