In 2021, El Salvador officially adopted a cryptocurrency as legal tender. S. 3666 would require the Department of State to report to the Congress on the details and ramifications of that action. The bill also would require the department to devise, implement, and report to the Congress on a plan to mitigate any potential risk to the U.S. financial system from El Salvador’s action and similar actions by other countries.
On the basis of information about the costs to prepare similar reports, CBO estimates that satisfying that requirement would cost less than $500,000 over the 2022-2026 period. Such spending would be subject to the availability of appropriated funds.