US urges El Salvador to put proper Bitcoin regulation in place for September
El Salvador announced last month that it is to adopt Bitcoin as its official legal tender alongside the US Dollar. The US government wants the Central American country to ensure there is adequate regulation in place when this happens.
El Salvador should properly regulate Bitcoin, US says
A senior US State Department has advised El Salvador to regulate the use of Bitcoin as it becomes a legal tender in the country. El Salvador officially adopted Bitcoin as a legal tender last month, making it the first country to do so.In a meeting with El Salvador's President Nayib Bukele on Wednesday, Victoria Nuland, the Under Secretary of State for Political Affairs, urged the president to regulate Bitcoin. She said, “I did suggest to the president that whatever El Salvador chooses to do, you ensure that it is well regulated, that it is transparent and that it is responsible, and you protect yourself against malign actors.”
The official told President Bukele that the US is taking another look at the leading cryptocurrency following the colonial pipeline cyberattack. However, the US is yet to decide on its own regulatory approach to take regarding Bitcoin.
Bitcoin is to become legal tender in El Salvador by September
The El Salvadorian Parliament approved the president’s bill to make Bitcoin legal tender on June 9. The Central American country currently uses the US Dollar as its legal tender but is now set to add Bitcoin to the list.President Bukele revealed last month that Bitcoin becoming legal tender will come into effect on September 7. It is still unclear how El Salvador intends to get the technical assistance needed to implement Bitcoin as legal tender after the World Bank turned down its request. However, El Salvador is in talks with the IMF, which could yield a positive result for them.
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