The lawmaker introduced the Accountability for Cryptocurrency in El Salvador Act to “mitigate” the risks that this nation’s Bitcoin adoption could pose to the United States.
The decision was celebrated by the crypto community, and it is held as one of the most important milestones since BTC’s inception.
The decision has cost El Salvador a potential financial relief package from the International Monetary Fund and has created some tensions with the U.S.
Global financial institutions have studied and detailed the numerous risks of El Salvador’s adoption of Bitcoin, and the international community acknowledges the potential danger.
At the time of writing, the President of El Salvador is yet to issue a statement regarding the bill.
As the release clarified, the ACES act will operate as a “companion legislation” to a Senate bill introduced in February 2022 by Senators Bob Menendez, Bill Cassidy, and Jim Risch.