Regulated Bitcoin (BTC) investment banks are coming to El Salvador following approval of the El Salvador Investment Banking Act on Thursday, and are classifying investment banks under regulations that differ from commercial banks.
Investment banks are permitted to hold BTC and other digital assets on their balance sheets and provide crypto services to “sophisticated” investors. This is equivalent to accredited US investors, President Elio Sal Carlos Reyes of the Digital Assets Commission (CNAD), the government’s Tojin regulator, told Cointelegraph. He added:
“The new Investment Banking Act allows private investment banks to operate in legal currencies and foreign currency of “sophisticated investors” and engage in digital assets such as Bitcoin using a PSAD license using a Digital Asset Service Provider (PSAD) license.
The law encourages foreign investment in El Salvador and positions it as a new hub for finances, advocates of the newly adopted law say.
https://www.youtube.com/watch?v=iel3hdesf24
Institutional investors are the main drivers of El Salvador’s crypto adoption, as the Central American country is attracted by crypto companies and financial companies in an environment of a custody regulatory environment.
However, critics say that BTC adoption and regulatory policies within the country do not help the average person and benefit mostly the government and large corporations.
Related: El Salvador has not purchased Bitcoin since signing the loan agreement, the IMF says
El Salvador has forgotten its international partnership to promote the growth of its crypto
Salvador President Naib Bukere met with Pakistan’s Minister of Crypto and Blockchain, Bilal bin Saqib, to promote crypto mining by sharing strategies for adoption of Bitcoin at the nation-state level and energy policy.
“The cooperation is based on how both the IMF programme, emerging economies, can leverage technology and other financial products to national growth,” Bin Saqib told Cointelegraph in an interview.
Edwin Rojas’ central bank bank bank depicted on the left, and President Juan Carlos Reyes, who painted the photo on the right, has signed an agreement to promote code. sauce: Bolivia Central Bank
On July 30, the Bolivian central bank signed a memorandum with CNAD to promote the use of cryptocurrencies as an alternative to traditional Fiat currency.
The agreement came amidst the Bolivian currency crisis. In Bolivia, it is difficult to acquire the US dollar and international trade is becoming more difficult.
According to Tether CEO Paolo Ardoino, this has led to an increase in the ridiculous and ridiculous that the US Doler dominated as a medium of exchange.
magazine: The chief of the national Bitcoin in El Salvador was Orange Pin Argentina