Even today, crypto adoption in El Salvador is not unanimous. In the United States, for example, American senators have just submitted a new bill. The goal: to monitor crypto (and more specifically bitcoin) adoption in El Salvador and assess its economic impact.
A crypto adoption bill in El Salvador
In the United States, crypto regulations remain subject to debate. However, this does not prevent one of the greatest powers in the world from taking an interest in crypto future outlook In other countries. The approach of two American senators clearly proves it.
According the Washington Examiner report, New Jersey Democrat Bob Menendez and Idaho Republican Jim Risch introduced a bill regarding crypto adoption in El Salvador. It is more exactlya bill on liability for cryptocurrency in El Salvador.
By introducing this bill, the two American senators hope to protect themselves from the risks that crypto adoption could entail in El Salvador. This includes the fight against illegal activities and money laundering.
Indeed, this bill would primarily allow the Department of State to prepare reports on the economic impact of adopting bitcoin in El Salvador. It will also assess the possible consequences for cybercrime and democratic governance in El Salvador.
El Salvador: a reference (or not) for the United States
El Salvador is the first country in the world to use bitcoin as legal tender. This crypto adoption in El Salvador was possible thanks to its president Nayib Bukelea strong proponent of the leading crypto asset.
Today, the Salvadoran government is actively investing in Chivo. It is a federal digital wallet now available in Europe via App Store. The current administration is also sparing no effort to set up BTC ATMs across the country.
What are the impacts of crypto adoption in El Salvador? At what level is El Salvador’s capacity to effectively combat illicit finance and money laundering? US senators believe that the answers to these questions can help them better consider crypto regulation in Central America.
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