At the federal level, two members of the House of Representatives, Norma Torres of California and Rick Crawford of Arkansas, introduced a bill to mitigate the risks associated with El Salvador’s adoption of Bitcoin.
The bill will analyze how Bitcoin adoption could affect cyber security, democratic governance, and economic stability in El Salvador and how such could affect the U.S. Rep Norma Torres criticized El Salvador’s decision to adopt Bitcoin, stating that it “is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country.”
“El Salvador is an independent democracy, and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision,” she added. El Salvador’s president, Nayib Bukele, has criticized this bill, saying the U.S. government has no right in the affairs of his country.
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