A bipartisan House bill created by Norma Torres and Rick Crawford seeks to “reduce the risks to the United States associated with El Salvador’s adoption of bitcoin as legal currency.”
“Global financial institutions have studied and detailed the many risks associated with bitcoin adoption in El Salvador and the international community recognizes the potential dangers. El Salvador is an independent democracy and we respect its right to self-governance, but the United States must have a plan to protect our financial systems from the risks associated with this decision, which seems more like a reckless gamble than a thoughtful adoption of innovation,” said House Member Torres.
The bill was introduced as an addendum to the Senate bill, dated Feb. 16. The House version would also require the State Department to prepare a report on bitcoin adoption in El Salvador and a plan to mitigate potential risks.
El Salvador’s President Nayib Buquele, reacted to the original Senate bill with tweets challenging the U.S.
“We are not your colony. Stay out of our internal affairs,” he said.