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 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. He also 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 adoptionThe pro-crypto climate in the Central American nation attracts financial and crypto firms.
The critics claim that the BTC regulatory policies and BTC adoption are not compatible with each other. not helping the average person This is a major benefit to the government and big businesses.
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 30th meeting 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 It came at a time when US dollars were scarce in Bolivia and hard to come by, complicating 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
