Regulated bitcoin (BTCInvestment banks will soon be coming to El Salvador after the approval on Thursday of El Salvador’s Investment Banking Law. This law classifies investment banking under a different set of regulations from commercial banks.
The investment banks can now hold BTC, other digital assets and crypto services on their balance sheet. “sophisticated” Juan Carlos Reyes said that the investors are the same as accredited investors in America. 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 positions El Salvador as a financial hub. say.
Investors have played a significant role in the development of El Salvador’s crypto adoptionCentral America’s pro-crypto environment attracts financial companies as well as crypto companies.
Critics say the BTC policy and adoption is not in line with the regulations of the country. not helping the average person The government, large companies and the majority of businesses are the main beneficiaries.
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 SaqibState Minister of Crypto and Blockchain in Pakistan, will discuss strategies on nation-state adoption for Bitcoin and the energy policy that can be used to support crypto mining.
“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.
Bolivian central bank’s July 30th meeting signed a memorandum of understanding With CNAD, we will promote cryptocurrency as an alternative currency to fiat money.
It is important to note that the word “you” means “me”. agreement The announcement came during a currency crises in Bolivia where US Dollars are hard to obtain and scarce, making it difficult for international trade.
This has led to the growing use of US-dollar-denominated stablecoins as a medium of exchange, according The CEO of Tether, Paolo Ardoino.
Magazine: El Salvador’s national Bitcoin chief has been orange-pilling Argentina
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Source: cointelegraph.com
