US Senators Monitor El Salvador's Bitcoin Adoption in New Bill

US Senators Bob Menendez and Jim Risch are reintroducing a bill that would allow them to monitor El Salvador's adoption of Bitcoin as legal tender. The bill would require the State Department to create reports on how the move impacts El Salvador's cybersecurity, economic stability, and democratic governance. The lawmakers are also interested in seeing how effectively El Salvador can combat illegal activities, such as money laundering. El Salvador made history in 2021 by adopting Bitcoin as legal tender, and the government heavily invested in Chivo, its federal digital wallet, as well as BTC ATMs around the country.