El Salvador appears to propose establishing a Bitcoin bank
President Nayib Bukele of El Salvador proposed the creation of private investment banks, providing financial services in Bitcoin and Dollars with less restrictions than traditional banks.
El Salvador's Ambassador to the United States, Milena Mayorga, announced the plan on June 14 on Ark Invest CEO Cathie Wood's report that El Salvador's GDP could increase tenfold in the next five years becomes "more likely."
Nayib Bukele was recently sworn in as president for a second five-year term. Source: Casa President
Nayib Bukele was recently sworn in as president for a second five-year term. Source: Casa President
It comes just two weeks after Bukele was sworn in for another five-year presidential term following February's election.
According to El Mundo, private investment banks (BPI) in El Salvador will not have to follow strict regulations like traditional banks, including restrictions on transactions with foreign banks or financial companies. externally affiliated with their shareholder or business group. Lending restrictions will also be removed.
Investment banks will not be prohibited from extending credit or exposure to more than 25% of their Asset Funds involving the same person. If approved, new BPIs must have a minimum share capital of $50 million and at least two shareholders, who can be foreign.
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President Nayib Bukele of El Salvador proposed the creation of private investment banks, providing financial services in Bitcoin and Dollars with less restrictions than traditional banks.
El Salvador's Ambassador to the United States, Milena Mayorga, announced the plan on June 14 on Ark Invest CEO Cathie Wood's report that El Salvador's GDP could increase tenfold in the next five years becomes "more likely."
Nayib Bukele was recently sworn in as president for a second five-year term. Source: Casa President
Nayib Bukele was recently sworn in as president for a second five-year term. Source: Casa President
It comes just two weeks after Bukele was sworn in for another five-year presidential term following February's election.
According to El Mundo, private investment banks (BPI) in El Salvador will not have to follow strict regulations like traditional banks, including restrictions on transactions with foreign banks or financial companies. externally affiliated with their shareholder or business group. Lending restrictions will also be removed.
Investment banks will not be prohibited from extending credit or exposure to more than 25% of their Asset Funds involving the same person. If approved, new BPIs must have a minimum share capital of $50 million and at least two shareholders, who can be foreign.
#EarnFreeCrypto2024 #BinanceTournament