El Salvador Proposes Novel Bitcoin-Friendly Bank to Boost Economy
The Bukele administration has proposed a novel banking system in El Salvador. The 'Bank for Private Investments' (BPI) will operate with dollars, stablecoins, and bitcoin, offering fewer restrictions than traditional us banks. The draft law has been sent to the National Assembly, awaiting approval.
The BPI, exempt from certain laws like credit restrictions and foreign banking regulations, requires a minimum capital of $50 million. It targets experienced investors with at least $250,000 in liquid assets or $500,000 in securities. The proposal aims to transform El Salvador into a financial hub through cryptocurrencies, as part of President Nayib Bukele's strategy. The Bitcoin Mining Council submitted the proposal for this innovative banking system.
Once approved, the BPI will offer financial services with fewer regulations, operating with US dollars, stablecoins, and bitcoin. This new type of bank could significantly impact El Salvador's financial landscape, attracting investors and potentially boosting its bitcoin price.
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