Cryptocurrency News

El Salvador’s Bitcoin Bill Gets Congressional Approval, But Skeptics Express Their Concerns


El Salvador’s bitcoin bill was first publicized last weekend During the Bitcoin Miami 2021 conference. It proposes to regulate bitcoin as legal tender, therefore integrating it with the country’s official currency, the US dollar.

Bill was passed before Congress yesterday get permission. Anthony Pompliano called it a “historic day for humanity”. The latest reports suggest that the Bill has now been Approved. But doubts remain over both the bill and El Salvador’s suitability as a bitcoin hub.

President Bukele Sees Bitcoin as a Path to Economic Prosperity

President nb bukele On Saturday, he stunned the world when he announced plans to make bitcoin legal tender in the Central American nation.

He explained the benefits of helping migrants living abroad to send them home. And also how it can improve the lives of millions of people by bringing about economic growth and financial inclusion in the country.

“In the short term it will create jobs and help provide financial inclusion to thousands of people outside the formal economy.”

The move has started flooding neighboring Latin American countries to signal their intention to follow suit. So far, the list of countries emulating El Salvador includes Brazil, Paraguay, Panama and Mexico.

Skeptics sharpen their knives

According to CNBCEl Salvador became the first country to officially adopt bitcoin as legal tender. MPs voted in favor of the bill with an “extreme majority”. However, the bill will still have to go through the legislative process before it becomes law.

Nevertheless, during the discussion, several MPs raised their objection to Bill. Including Congressman Reyes, who talked about the lack of discussion on the matter, only 16 articles in the bill, about price volatility and the risky nature of the proposal.

gold bug Peter Schiff Took the opportunity to continue his anti-Bitcoin rhetoric. He added that the leading cryptocurrency will never be used as a payment method or as a financial accounting term. Adding to this, the whole thing was a setup to attract bitcoin companies to El Salvador.

“It’s a non-event. #bitcoin shall never be used as a medium of exchange or as a unit of account. The sole purpose of the symbolic gesture is for bitcoin companies to set up shop, pay taxes, and create some jobs, while allowing bitcoin pumpers to exaggerate the importance.

As much as President Bukele has welcomed cryptocurrency investors and entrepreneurs, doubts remain about the country’s security.

travel advice from UK Foreign Office Mentioned that although the country is relatively “trouble-free”, El Salvador has one of the highest crime rates in Latin America. It also raised the issues of the ongoing political tension in the country and the recent proposal to remove judges from the constitutional chamber.

“On May 1, resolutions made by the Legislative Assembly to remove the judges and attorney general who sit in the constitutional chamber of the country’s Supreme Court called for protest.”

Source: BTCUSD on TradingView.com





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