El Salvador is moving forward with its pro-crypto strategy by announcing the creation of the world’s first Bitcoin banks. The initiative was revealed by the Bitcoin Office, the government entity overseeing the nation’s cryptocurrency policies.
Bitcoin and Dollar Banking
These new institutions, officially called Private Investment Banks, will operate in both Bitcoin and the US dollar, which are legal tender in the country. The proposed reform to the Banking Law would allow them to offer services such as deposits, loans, and financial products backed by digital assets.
Structure and Requirements
Each bank will require a minimum capital of $50 million and at least two shareholders, who can be foreign investors. The rules will be more flexible than those for traditional banks, enabling them to grant loans above 25% of their own capital and maintain operations with foreign institutions linked to their shareholders.
Strategic Impact
Government officials say the measure aims to attract new investors and expand financing options. Ambassador Milena Mayorga emphasized that the plan is designed to “diversify the financing options available to potential investors in both dollars and Bitcoin.”
While the proposal is still under review in parliament, the announcement reinforces El Salvador’s position at the forefront of global cryptocurrency adoption.
source: br.beincrypto.com, acripto.com.br, cryptobriefing.com, coinedition.com, ccn.com
