Bitcoin Goes Political: Senators Demand State Department Report on El Salvador’s Crypto Adoption-253

In the past like Empires rise and fall right we see the Rise of Rome the fall of Rome uh this Type of thing right rise of Egypt like Demise of the Egyptians demise of the Egyptians so on whatever we can go back You see it it's cyclical it goes up and Down and typically when we talk about That we talk about usually some sort of Transformation that was taking place That caused a shift in Powers right Especially as it pertains to Different governments right So for example when you had the last Standing city of Rome Constantinople Which really had separated itself from Rome or whatever we've used this one Before it's in the book software but There was a lack of adoption of a new Technology known as cannons and within a Year of this discovery Constantinople Fell to the power of cannons now what Transformation are we going through well We're going through this transformation That involves specifically Cryptocurrency right specifically Digital Finance in general right and the Failure to adapt and adopt this Technology can be the demise of Empires This is just the way it goes I'm not Saying that the us is going to you know Experience its demise due to this in Particular but it's important to Understand that it's clear that with

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This type of Legislation it's a it's a legitimate Concern right we've seen this adoption Of El Salvador of cryptocurrency in the You know in in the past few years and It's proving to be somewhat successful For them it's increased you know at Least like Parts of their economy they've been able To reduce crime by investing in of Course more uh law enforcement all that Sort of stuff and we're starting to see A rise of El Salvador kind of From the Ashes A group of U.S senators introduced Legislation Tuesday centered around El Salvador's adoption of Bitcoin as legal Tender the accountability for Cryptocurrency in El Salvador Aces Act Was introduced by Senate Foreign Relations Committee banking member Jim Risch Republican Idaho and committee Chairman Bob Mendez Democrat of New Jersey as well as Bill Cassidy Republican of Louisiana the bill if Passed would make man would mandate the Production of a state department report On El Salvador's Bitcoin moves as well As a plan to mitigate potential risks to The financial U.S the U.S financial System so it's clear that and this is Where things are weird The attack Vector here is focus on a Country that is participating within

Bitcoin And then try to mitigate those potential Risks the U.S financial system but at The same time let's go ahead and stifle Any sort of advancement within that Industry within our own borders right With things like the cryptocurrency Mining tax the and so on Um and all of the regulations and Surrounding the SEC filings and so on And it's making it more and more Difficult for people within the Cryptocurrency industry to be Innovative Within the US And as opposed to adopting it and Becoming a Powerhouse through that Manner it's going to be an attack it Feels like right and we see this I mean It's it's clearly turning into Cryptocurrency is clearly turning into An international power struggle at the End of the day the bill states that not Later than 90 days after the submittal Of the report required by subsection 19a The secretary of State in coordination With the heads of other relevant Federal Departments and agencies shall submit to The appropriate Committees of Congress a Plan to mitigate any potential risk to The United States Financial system posed By the adoption of cryptocurrency as Legal tender in El Salvador and any Other country that uses the United States dollar as legal tender the state

Department report would include several Key pieces of information Hmm Wait yeah about El Salvador's process to Legally make Bitcoin legal tender as Well as an examination of how that law Affects its citizens and businesses for Example the report would describe the Process El Salvador followed to develop And enact its Bitcoin law the extent to Which its citizens are using Cryptocurrency and the country's Technical ability to handle cyber Security risks it would also include Contextual information such as data on El Salvador's unbanked population and Remittance flows from the U.S The report would also investigate Matters Such as El Salvador's bilateral economic And Commercial relationship with the United States and the potential for Reduced use by El Salvador of the U.S Dollar the United States dollar and Obviously like these Partnerships Everything that's going to be going on In the U.S when as it pertains to Cryptocurrency is going to be because The US dollar is at this point very Clearly under attack not only you know By cryptocurrency to a certain extent But also by other countries and program Like obviously bricks right that's what We're referring to and the here in a

Second the removal of the use of U.S Dollar in other countries and part of This really I mean is all kind of Spurred on by this Yeah This power struggle that has been going On with Russia and Ukraine and sanctions Right and because the U.S is going Around waving its big wand It's really Hurting the US dollar I think at this Point El Salvador's adoption of Bitcoin As legal tender raises significant Concerns about the economic stability And financial Integrity of a vulnerable U.S trading partner in Central America Rich said in a press statement this new Policy has the potential to weaken U.S Sanctions policy empowering malign Actors like China and organized criminal Organizations are bipartisan and they Say it right there right like what is This well it's because it's going to Weaken U.S sanctions policy but I would Argue that it's weak like the U.S Sanctions policy is weakened because of The countries of which it decided to Target with sanctions right are Bipartisan legislation seeks greater Clarity on El Salvador's policy and Requires the administration to mitigate Potential risk to the U.S financial System El Salvador's president naive Bouquelli responded to the news with an

English language tweet he said okay Boomers You have zero jurisdiction on a Sovereign and independent nation we are Not your Colony your backyard or your Front yard stay out of our Internal Affairs and don't try to control Something you can't control oof El Salvador declared Bitcoin legal Tender on September 7 2021 alongside the U.S dollar following the passage of a Law in the country's National Legislature earlier that year The full legislation can be found here So go check that out thanks for checking Out this clip from the crypto mining Show you can check out the full episode Here or more crypto content down here Also I'd like you to check out my locals Page at son of a tech.locals.com where You can become a member for free or Choose to be a five dollar a month Supporter that unlocks additional Content

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