Regulated bitcoin (BTCInvestment 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 separate regulatory category from commercial banks.
The investment banks can now hold BTC, other digital assets and crypto services on their balance sheet. “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.”
Proponents of this newly passed law claim that the law promotes foreign investments in El Salvador, and makes it a hub for financial services. say.
Investors have played a significant role in the development of El Salvador’s crypto adoptionCentral America’s pro-crypto environment attracts cryptocurrency companies and financial institutions.
Critics claim that the BTC regulatory policy in India and its adoption are not compatible. not helping the average person Government and large business are primarily the 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.
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 money.
It is important to note that the word “you” means “you”. 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
