### Two US Senators, James Risch from Idaho and Robert Menendez from New Jersey, have come together to reintroduce a bill aimed at mitigating the risks associated with Bitcoin's legal tender status in El Salvador. The proposed legislation focuses on mandating reporting on the use of cryptocurrencies within the country.

This bill, known as the Accountability for Cryptocurrency in El Salvador Act, is an updated version of a previous bill introduced in 2022, following the enactment of El Salvador's Bitcoin Law. The senators express concerns over the potential destabilization of the country's economy and financial system, as well as the risk of cryptocurrencies being exploited for illicit purposes.



El Salvador's President, Nayib Bukele, has strongly opposed the bill and criticized the US senators on a social media platform. He has accused them of interfering in the affairs of a sovereign and independent nation.



<blockquote className="twitter-tweet"><p lang="en" dir="ltr">Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here. <a href="https://t.co/QgJPa70mn0">pic.twitter.com/QgJPa70mn0</a></p>— Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1506746055815217163?ref_src=twsrc%5Etfw">March 23, 2022</a></blockquote> 



If passed, the legislation would require US federal agencies to provide reports assessing El Salvador's financial stability and cybersecurity capabilities. These reports would aim to evaluate the influence of these factors on the country's decision to adopt Bitcoin as legal tender.



It is unclear how the bill will affect its economic and political relations with the United States. The heightened inspection of El Salvador could lead to diplomatic issues between the two nations if this occurs, as it would be perceived as an interference in El Salvador's sovereignty on the part of the United States.

Two US Senators, James Risch from Idaho and Robert Menendez from New Jersey, have come together to reintroduce a bill aimed at mitigating the risks associated with Bitcoin's legal tender status in El Salvador. The proposed legislation focuses on mandating reporting on the use of cryptocurrencies within the country.

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