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Senators Jim Risch, Bob Menendez and Bill Cassidy's Accountability for Cryptocurrency in El Salvador (ACES) Act would require a State Department report on mitigating risks to the U.S. financial system from El Salvador's adoption of bitcoin as legal tender. Original Source
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El Salvador faces another whipping from a traditional finance firm for its "forbidden" love for Bitcoin (BTC). American credit rating agency Fitch Ratings lowered El Salvador’s long-term Issuer Default Rating (IDR) from B- to CCC, mentioning “policy unpredictability” and the “adoption of Bitcoin as legal tender” as some of the factors that
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On Jan. 25, the International Monetary Fund’s (IMF) directors asked El Salvador to “narrow the scope” of its Bitcoin Law by “removing Bitcoin’s legal tender status.” Adopting a cryptocurrency as the Central American country has done “entails large risks for financial and market integrity, financial stability and consumer protection,” the
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When Nayib Bukele announced that El Salvador would be making bitcoin legal tender, the international monetary establishment acted with some amount of skepticism. When he announced the nation would be issuing bitcoin bonds, that skepticism turned to anger. Now, the IMF is pushing El Salvador to ditch BTC as legal
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El Salvador's CDS has tripled, though as shown in the chart, it’s a very illiquid, hence the very spikey price action, ADMISI's Ostwald said in an email. "As for other emerging markets, the picture is heavily divergent, depends on region, but the overall JPM EM Bond avg spread has drifted
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El Salvador, the first country to make Bitcoin (BTC) a legal tender, has onboarded 4 million users for its government-backed BTC wallet Chivo in partnership with digital identity provider Netki, according to an announcement.Netki has announced that Chivo wallet onboarded over 4 million new users in 45 days using the
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El Salvador’s historic embrace of Bitcoin (BTC) could have negative consequences on the country’s sovereign credit outlook, according to Moody’s Investors Service. Moody’s analyst Jaime Reusche told Bloomberg this week that El Salvador’s Bitcoin gambit “certainly adds to the risk portfolio” of a country that has struggled with liquidity issues in
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El Salvador President Nayib Bukele has claimed officials will be able to use geothermal energy from one of the country’s inactive volcanoes to power its Bitcoin City project.In a Sunday notice, Bukele said there was a 90% probability of using the Conchagua volcano to supply 42 megawatts — “enough to
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El Salvador’s president has made six predictions relating to bitcoin for 2022. He expects two more countries to adopt bitcoin as legal tender this year. Meanwhile, he expects El Salvador’s Bitcoin City to commence construction during the year and his country’s volcano bonds to be oversubscribed. Bitcoin Predictions 2022 by President
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Still, there are plenty of questions about the functional details of the bond, and a lot of unknowns about its real impact. To find out more, I recently spoke with Samson Mow, CEO of Blockstream. Mow and Blockstream acted as advisors on the design of the bond, and the bond
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