El Salvador's pro-Bitcoin president, Nayib Bukele, is proposing the establishment of private investment banks (BPIs) that would offer Bitcoin (BTC) investors access to financial services with fewer restrictions compared to traditional banks. These BPIs would be exempt from stringent laws imposed on traditional banks, allowing them to engage with overseas banks and finance companies without limitations. Loan restrictions would also be lifted, and BPIs would be able to grant credit exceeding 25% of their Asset Fund to a single entity. The proposed BPIs would operate in any legal tender, including the US dollar and Bitcoin, and could even seek approval to become digital asset and Bitcoin service providers. While the proposal has not yet been approved by El Salvador's legislature, it marks a significant step towards establishing a more inclusive and accessible financial system in the country.
El Salvador Proposes Bitcoin Bank: A New Era of Financial Inclusion?
Summary:
El Salvador's President Nayib Bukele proposes establishing private investment banks (BPIs) to offer Bitcoin (BTC) investors financial services with fewer restrictions.
BPIs would be exempt from stringent laws imposed on traditional banks, including limitations on engaging with overseas banks and finance companies.
Loan restrictions would be lifted, allowing BPIs to grant credit exceeding 25% of their Asset Fund to a single entity.
The proposed BPIs would operate in any legal tender, including the US dollar and Bitcoin, and could become digital asset and Bitcoin service providers.
The proposal has not yet been approved by El Salvador's legislature.
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