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The government of El Salvador has introduced a new bill aimed at accelerating the integration of Bitcoin and other cryptocurrencies into the investment banking sector. This bill will be forwarded to the National Assembly and will allow private investors to establish banks that can offer Bitcoin and stablecoin services.
A New Step for Bitcoin Loan
El Salvador is entering a new era in Bitcoin adoption, aiming to create a new type of bank that can offer crypto services. This reform to the banking law was presented to the National Assembly Technology, Tourism and Investment Commission on June 13. The bill includes 14 new articles that identify Private Investment Banks (PIBs) as an important tool that promotes economic development and facilitates the directing of financial resources to business and government projects.
What Does the Law Offer?
If passed, this law would allow PIBs to offer a variety of services such as economic risk management, purchasing of financial products, investment management, hedging and other financial derivatives. These banks will support both US dollars and Bitcoin as legal tender in El Salvador.
The bill clearly states that stablecoin-based instruments are supported and opens the door to crypto-based investment instruments. However, the conditions set for companies that want to establish these banks are quite harsh. These companies must be established with a capital of at least 50 million dollars.
Service for Private Investors
PIBs' services will not be aimed at the general public but will focus more on sophisticated investors. These investors will need to prove they have at least $250,000 in assets and pass a bank-specific knowledge test. Another option is to show that they have $500,000 in assets.
A Big Step for the Economy
The government of El Salvador believes that these banks will accelerate the country's economic awakening. In the press release, it was emphasized that the regulatory framework that supports the establishment and operation of Private Investment Banks should be developed in order to promote economic growth.
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