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 different regulatory category than commercial banking.
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.”
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.
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.
However, some critics claim that the BTC and regulatory policies in place are not conducive to the adoption of BTC. not helping the average person The government, large companies and the majority of businesses are those who benefit most.
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.
Bolivian central bank’s July 30, signed a memorandum of understanding Together with CNAD we are promoting the use of cryptocurrencies to replace traditional fiat currency.
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 Tether’s CEO Paolo Ardoino.
Magazine: El Salvador’s national Bitcoin chief has been orange-pilling Argentina
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Source: cointelegraph.com
