💥Breaking💥
🇸🇻El salvador to make history with the launch of world's first Bitcoin bank🏦
🇸🇻El Salvador is also a step closer in implementing its 🪙Bitcoin-dedicated economic policy as it opens up Bitcoin banks: 👨President Nayib Bukele and the government plan to incorporate Bitcoin into the nation’s financial system even more.
🇸🇻El Salvador Bitcoin Bank Proposal⬇️
More recently, El Salvador announced that it would be opening Bitcoin banks or allowing further cryptocurrency integration in the country. The government institution that will control the strategy of Bitcoin, the National Bitcoin Office (ONBTC) declared plans regarding Bitcoin banks.
➡️🪙Bitcoin Adoption and Regulatory Framework⬇️
Among the major elements of the Bitcoin bank🏦 project is the deregulation of the policies and rules that govern the operations of privately owned banks that operate with digital currencies. This involved relaxing the rules on global partnerships and easing the limit on loan activities.
➡️🇸🇻El Salvador’s Growing Bitcoin Reserves⬇️
The Bitcoin holdings of El Salvador have been the focus of a debate. The country currently has more than 6,200 BTC, currently worth about $730 million. Although financial institutions such as the International Monetary Fund (IMF) have been doubtful about this, the government has been engaging in further BTC purchases.
➡️International Reactions and IMF Scrutiny⬇️
International entities, especially the IMF, have also responded to the announcement, some of which have been concerned with El Salvador’s Bitcoin strategy. IMF cautioned that using Bitcoin as a legal tender on a large scale may cause consumers’ risk.
Warnings by the IMF are not the only obstacles El Salvador has to overcome in its Bitcoin adoption. The country’s national finances and economy have also been under investigation, especially with Bitcoin price fluctuation.
