[Congressional Record Volume 167, Number 194 (Thursday, November 4, 2021)]
[Senate]
[Pages S7945-S7946]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4452. Mr. RISCH submitted an amendment intended to be proposed by 
him to the bill H.R. 4350, to authorize appropriations for fiscal year 
2022 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle F of title XII, insert the 
     following:

     SEC. 1264. REPORTS ON ADOPTION OF CRYPTOCURRENCY AS LEGAL 
                   TENDER IN EL SALVADOR.

       (a) In General.--Not later than 60 days after the date of 
     the enactment of this Act, the Secretary of State, in 
     coordination with the heads of other relevant Federal 
     departments and agencies, shall submit to the Committee on 
     Foreign Relations of the Senate and the Committee on Foreign 
     Affairs of the House of Representatives a report on the 
     adoption by the Government of El Salvador of a cryptocurrency 
     as legal tender.
       (b) Elements.--The report required by subsection (a) shall 
     include the following:
       (1) A description of the process followed by the Government 
     of El Salvador to develop

[[Page S7946]]

     and enact the Bitcoin Law (Legislative Decree No. 57, 
     Official Record No. 110, Volume 431, enacted June 9, 2021), 
     which provides the cryptocurrency, Bitcoin, with legal tender 
     status in El Salvador.
       (2) An assessment of--
       (A) the regulatory framework in El Salvador with respect to 
     the adoption of a cryptocurrency as legal tender and the 
     technical capacity of El Salvador to effectively mitigate the 
     financial integrity and cyber security risks associated with 
     virtual-asset transactions;
       (B) whether the regulatory framework in El Salvador meets 
     the requirements of the Financial Action Task Force with 
     respect to virtual-asset transactions;
       (C) whether the regulatory framework for the adoption of a 
     cryptocurrency as legal tender in El Salvador meets the 
     guidelines set forth by the Group of Seven in the document 
     entitled ``Public Policy Principles for Retail Central Bank 
     Digital Currencies'' issued on October 14, 2021;
       (D) the impact of such adoption of a cryptocurrency on--
       (i) the macroeconomic stability and public finances of El 
     Salvador;
       (ii) the rule of law, democratic governance, and respect 
     for inalienable rights in El Salvador;
       (iii) bilateral and international efforts to combat 
     transnational illicit activities; and
       (iv) El Salvador's bilateral economic relationship with the 
     United States;
       (3) a description of internet infrastructure of El Salvador 
     and an assessment of--
       (A) the degree to which cryptocurrency is used in El 
     Salvador; and
       (B) access to transparent and affordable internet and 
     digital infrastructure among the unbanked population of El 
     Salvador.
       (c) Plan to Mitigate Risks to United States Financial 
     System.--Not later than 90 days after the submittal of the 
     report required by subsection (a), the Secretary, in 
     coordination with the heads of the relevant Federal 
     departments and agencies, shall submit to the Committee on 
     Foreign Relations of the Senate and the Committee on Foreign 
     Affairs of the House of Representatives a plan to mitigate 
     any potential risk to the United States financial system 
     posed by the adoption of a cryptocurrency as legal tender in 
     El Salvador.
       (d) Subsequent Report.--Not later than 270 days after the 
     submittal of the report required by subsection (a), the 
     Secretary, in coordination with the heads of other relevant 
     Federal departments and agencies, shall submit to the 
     Committee on Foreign Relations of the Senate and the 
     Committee on Foreign Affairs of the House of Representatives 
     an updated version of such report, including a description of 
     any significant development related to the risks to the 
     United States financial system posed by the use of a 
     cryptocurrency as legal tender in El Salvador.
                                 ______