Bitcoin adoption in El Salvador may influence remittance in Central America
El Salvador’s Bitcoin (BTC) adoption strategy includes remittance, according to the Central American Bank for Economic Integration (CABEI). The regional development bank, according to Reuters on Tuesday, expects other Central American countries to pay close attention to Bitcoin’s influence on remittance costs in El Salvador . Dante Mossi, CABEI’s executive president, told Reuters that if […]
Infrastructures are being built ahead of El Salvador’s Bitcoin adoption
El Salvador’s president, Nayib Bukele, who was a driving force behind the country’s adoption of Bitcoin, stated that residents will be able to transfer their cryptocurrency to fiat currency as soon as Bitcoin is recognized as legal cash. Bukele claimed on Twitter on Sunday that 4.5 million adults in El Salvador will have the option […]
El Salvador’s President snaps back at Economist’s comments on Bitcoin law
El Salvador, a small Central American country, is poised to enact Bitcoin legislation on September 7. Although there have been warnings to the country about the decision by several agencies, the decision still remains solid. The IMF, World Bank, and a number of other rating organizations slammed the brave move. Steve Hanke, an economist at […]
El Salvador releases new Bitcoin banking regulations
The Banco Central de Reserva (BCR), El Salvador’s central bank, has published a draft that involves two documents detailing how banks should deal with transactions involving Bitcoin. On Aug. 17, two documents were made available for comment, advising banks and financial institutions on how to provide Bitcoin-related services to their consumers. The first, headed “Guidelines […]
El Salvador’s Bitcoin adoption will pose risk to local insurers – Fitch Ratings
Fitch Rating has also given its opinion on El Salvador’s Bitcoin law stating that “additional holdings of high-risk assets will only compound this risk.” Fitch Ratings has become the latest global credit rating agency to warn El Salvador against adopting Bitcoin (BTC) as legal tender, expressing concerns that crypto assets could cause systemic risks for […]