Fun

Bitcoin bank proposal gains momentum in El Salvador

News Feed - 2024-06-15 09:06:10

Ciaran Lyons8 hours agoBitcoin bank proposal gains momentum in El SalvadorThe Bank for Private Investment will “diversify the financing options” available to investors in both Dollars and Bitcoin.2438 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEl Salvador"s pro-Bitcoin president Nayib Bukele is proposing the establishment of private investment banks within the nation, which if approved, will offer Bitcoin (BTC) investors access to financial services and fewer restrictions compared to traditional banks.


“As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in Dollars and Bitcoin,” the Salvadoran Ambassador to the United States Milena Mayorga wrote in a June 14 post on X.


“President Bukele hits the ground running in new term with new legislation establishing a Bitcoin Bank,” senior Bitcoin advisor to Bukele, Max Keiser, added on the same day, noting Ark Invest CEO Cathie Wood’s forecast that El Salvador’s real GDP “could scale 10-fold during the next five years” has only become “more likely.”Nayib Bukele was recently sworn in for a second five-year presidential term. Source: Casa Presidencial


It comes only two weeks after Bukele was sworn in for another five-year presidential term after a landslide electvictory in February.Bank for Private Investment will not have all the same "prohibitions" in banking laws


According to El Mundo, the BPI will not face the same stringent laws as traditional banks, such as restrictions on engaging with overseas banks or finance companies "linked to their shareholders or in a business group." Loan restrictions will also be eliminated.


“Investment banks will also not be subject to the prohibition of "granting credit or assuming risks for more than 25% of their Asset Fund in relation to the same person,” the June 14 report stated.


If approved, the new private investments "must be created" with a minimum share capital of $50 million and require at least two shareholders, who may be foreigners.


Related:El Salvador launches $360M Bitcoin treasury monitoring website


It was reiterated that a BPI would be able to operate in any legal tender, including the United States Dollar and Bitcoin, and even seek approval to become digital asset and Bitcoin service providers.


El Salvador’s Minister of Economy, María Luisa Hayem, proposed the reform to the Technology, Tourism, and Investment Commission under Bukele"s direction. However, it has not yet been approved.


“The reform has not been approved; The legislators have not yet agreed to call officials to consult the objectives of the project nor have they put it to a vote in the Commission,” it added.


Magazine:‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters# Bitcoin# Cryptocurrencies# Banking# Adoption# El Salvador# Regulation# Nayib BukeleAdd reaction

News Feed

Savannah Fortis10 hours agoSiemens and Microsoft partner to push AI adoption in industrial sectorsMicrosoft and Siemens revealed a new generative AI assistant catering to professionals in the manufacturing, healthcare, t
Billionaire Investor and Galaxy Digital CEO Mike Novogratz Addresses the Terra LUNA and UST Fallout
Billionaire Investor and Galaxy Digital CEO Mike Novogratz Addresses the Terra LUNA and UST Fallout On May 18, the billionaire investor and crypto proponent Mike Novogratz publishe
Jesse Coghlan5 hours agoIs 2023 the year genuine cross-chain interoperability takes off?Blockchains need to become interoperable in order for the industry to truly flourish and several innovations will accelerate the eco
Zhiyuan Sun7 hours agoLess than 50% of Hong Kong retail crypto investors aware of relevant regulations: SurveyHong Kong has allowed retail crypto trading since June.1328 Total views30 Total sharesListen to article 0:00Ne
Bitcoin traders warn of tough Q3 as Nikkei echoes ‘Black Monday’ 1987
William Suberg11 hours agoBitcoin traders warn of tough Q3 as Nikkei echoes ‘Black Monday’ 1987Bitcoin faces traditionally challenging months, while Japan sees stock sell-off unmatched in nearly 40 years.3587 Total v
Zambia to Complete Testing Real-Life Crypto Usage Simulations by June — Government Minister
Zambia to Complete Testing Real-Life Crypto Usage Simulations by June — Government Minister Zambia is set to complete real-life crypto usage simulations by the end of June, Felix
Brayden Lindrea3 hours agoFTX’s former law firm hit with lawsuit alleging it set up shadowy entitiesThe suit claims “shadowy entities” set up by Fenwick & West were allegedly used by FTX and former top executiv
Report: Nigerian Fintechs Account for Nearly 91% of $417.5 Million Raised by Tech Startups in the Country
Report: Nigerian Fintechs Account for Nearly 91% of $417.5 Million Raised by Tech Startups in the Country According to an analysis of the $417.5 million that was raised by Nigerian
Analysts: BRICS Currency Meant to Rival USD, Trump Warns of Depression as Kiyosaki Predicts Bond Crash, Waits to Buy Bitcoin — Bitcoin.com News Week in Review
Analysts: BRICS Currency Meant to Rival USD, Trump Warns of Depression as Kiyosaki Predicts Bond Crash, Waits to Buy Bitcoin — Bitcoin.com News Week in Review BRICS nations have
William Suberg14 hours agoBitcoin bulls ‘have work to do’ after XRP price spikes 104%Bitcoin may have tagged new yearly highs, but BTC price performance still needs to prove itself with a range breakout, traders argu
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $23,000 as Market Volatility Heightens
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $23,000 as Market Volatility Heightens Bitcoin dropped to a two-week low on Feb. 9, with prices falling below the $23,000 mark
Marathon Digital fined $138M for non-circumvention agreement breach
Ezra Reguerra40 minutes agoMarathon Digital fined $138M for non-circumvention agreement breachMarathon Digital has been fined $138M for breaching a non-disclosure, non-circumvention agreement with former executive Michae