Pro-Bitcoin President Announces New Bank Plan for BTC

Nayib Bukele, the pro-Bitcoin president of El Salvador, has proposed establishing private investment banks within the country.

If these banks are approved, Bitcoin investors will be able to receive financial services in a less restricted manner compared to traditional banks.

El Salvador's Ambassador to the USA, Milena Mayorga, said in a statement on the

Max Keiser, President Bukele's senior Bitcoin advisor, said in a statement on the same day, "President Bukele is quickly getting to work with new laws aimed at establishing a Bitcoin Bank in the new era."

Rapid Progress in the New Era

Bukele won a landslide victory in the presidential elections held in February and entered a new five-year term.

According to El Mundo newspaper, BPI will not be subject to strict laws like traditional banks. For example, there will be no restrictions on doing business with shareholders or financial companies affiliated with a business group, or with offshore banks. Additionally, lending restrictions will also be lifted.

More Flexible Banking Laws

In the news dated June 14, it was stated that "Investment banks will not be subject to the ban on lending or taking risks to the same person with more than 25% of the Wealth Funds."

If the proposal is accepted, new private investments must be established with a minimum capital of at least $50 million and require at least two shareholders. These shareholders may also be foreign nationals.

It was reiterated that a BPI can transact with any fiat currency, including the United States Dollar and Bitcoin, and may even seek approval to become a digital asset and Bitcoin service provider.