BTCUSD SIGNAL 25-03-22 : U.S. Prepares to Monitor Bitcoin Operations in El Salvador.


BTCUSD SIGNAL 25-03-22 : Three legislators presented a bill on the matter, which has been approved by a Senate committee and will later be put to the vote.

  • The president of the Central American country, Nayib Bukele, immediately reacted to the action, confronting one of the proponents of the bill on Twitter (NYSE:TWTR).
  • If the initiative is approved, the U.S. could being monitoring all cryptocurrency operations carried out by the Central American country.

BTCUSD SIGNAL : The U.S. Senate could pass a bill to monitor Bitcoin operations in El Salvador. The initiative, presented by Republican legislators Bill Cassidy, James Risch and Democrat Bob Menéndez, has already passed the examination of the Committee on Foreign Relations of the U.S. Senate this week.

The bill, called ‘Responsibility Law for Cryptocurrencies in El Salvador’ or the ‘ACES Law‘, would allow United States agencies to monitor capital movements made to the country in cryptocurrencies. However, the proposal is limited to transactions made within the U.S. as they do not have jurisdiction in El Salvador itself.

BTCUSD SIGNAL : The bill now moves to the U.S. Senate for discussion, including an extensive list of issues related to cryptocurrency operations in El Salvador. Among the issues are remittances from the US, risks of laundering and money laundering, monetary policy, and the finances of Salvadorans residing in that country.

After passing the Bitcoin Law in September 2021, El Salvador installed a network of Bitcoin ATMs across several U.S. cities to enable Salvadoran immigrants to send remittances from the U.S, the country from which the largest volume of remittances are sent to El Salvador.

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