Regulated BitcoinBTCInvestment banks are now coming to El Salvador following the Thursday approval of El Salvador’s Investment Banking Law. The law places investment banks in a different regulatory category than commercial banking.
Now, investment banks are allowed to store BTC on their balance sheets as well as other digital currencies and provide crypto services. “sophisticated” Juan Carlos Reyes is the president of El Salvador’s Commission of Digital Assets, (CNAD), a government-regulated crypto regulator, and he told Cointelegraph that investors would be the equivalent of accredited US investors. Then he added:
“The new Investment Banking Law allows private investment banks to operate in legal tender and foreign currencies for ‘Sophisticated Investors’ and to engage in digital assets like Bitcoin with a Digital Asset Service Provider (PSAD) license. With a PSAD license, a bank could choose to operate entirely as a Bitcoin bank.”
Advocates for the new law say that it encourages foreign direct investment and aims to position El Salvador as a financial hub. say.
The institutional investors are a key driver for the growth of El Salvador’s crypto adoptionCentral America’s pro-crypto environment attracts crypto and financial companies.
Critics claim that the BTC regulatory policy in India and its adoption are not compatible. not helping the average person It mainly benefits government agencies and large corporations.
Related: El Salvador hasn’t bought Bitcoin since signing loan deal, IMF says
El Salvador forges international partnerships to drive crypto growth
President of El Salvador, Nayib Bukele, met with Bilal Bin SaqibThe Pakistani state minister for cryptography and blockchain will share his strategies to encourage nation-state level Bitcoin adoption, and to promote crypto mining through energy policy.
“The cooperation is essentially based on how emerging economies that are both under the IMF program can leverage technology and other financial instruments for national growth,” Bin Saqib told Cointelegraph in an interview.
The central bank of Bolivia published its July 30th report. signed a memorandum of understanding Together with CNAD we are promoting the use of cryptocurrencies to replace traditional fiat currency.
You can also find out more about the following: agreement It came at a time when US dollars were scarce in Bolivia and hard to come by, making trade internationally difficult.
This has led to the growing use of US-dollar-denominated stablecoins as a medium of exchange, according Tether’s CEO Paolo Ardoino.
Magazine: El Salvador’s national Bitcoin chief has been orange-pilling Argentina
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Source: cointelegraph.com
