For now, the project will enter a first phase of evaluation. Although it is considered a local reform, its legalization must pass through the United States Congress. This is because definitions of “legal tender” can be dictated at the state level and not regionally.
The proposal is presented days after the International Monetary Fund (IMF) recommended, on two occasions, to El Salvador, the first country to adopt bitcoin as legal tender, to eliminate said law. This, under the argument that bitcoin could represent serious risks for the economy of the Central American country. “There are significant risks associated with the use of bitcoin for financial stability, financial integrity, and consumer protection, as well as potential tax contingencies.”
Are regulations coming?
According to Criptonoticias, regulators and companies in the cryptocurrency industry in the United States are awaiting the publication of a possible executive order in mid-February through which the guidelines for the regulation of bitcoin would be given. However, although this order could begin to shape the regulatory framework for cryptocurrencies in the country, it is expected that it will not place the US in a position of rejection, prohibiting the use of crypto assets.
Important figures in current politics and on the international scene such as Jerome Powell, president of the Federal Reserve; and Gary Gensler, director of the Securities and Exchange Commission (SEC), have advanced through various comments that the United States will not ban Bitcoin and cryptocurrencies, as happened in the case of China.
Source: Ambito
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