El Salvador plans to establish Bitcoin banks
AI summary of the linked articleEl Salvador's Bukele government has presented a draft law for a new type of bank, the "Bank for Private Investments" (BPI), which would operate with fewer restrictions and offer services in US dollars and Bitcoin. The BPIs would be exempt from certain rules, such as those on credit restrictions and foreign banking relationships, and would require a minimum capital of 50 million dollars and at least two shareholders. Clients would be limited to "experienced" or "advanced" investors with at least 250,000 dollars in liquid assets or 500,000 dollars in securities. The draft has been forwarded to the National Assembly, and it can take effect once approved. |
2 comments  rvolz.ethSubmitter Bankless, the unwashed masses? I think, the recent popularity of Bitcoin et al amongst certain politicians points into a different direction > Only „experienced“ or „advanced“ investors are allowed as clients |