Bitcoin Banking: El Salvador Drafts Law to Expand Crypto Adoption

• El Salvador proposes a draft reform to the Banking Law to enhance economic growth.
• The reform includes allowing private investment banks to operate using Bitcoin and other legal tenders.
• El Salvador holds 5,781 BTC valued at over $376M with a $67.33M profit.

El Salvador, the first country to adopt Bitcoin as legal tender, is considering a draft law that could further integrate the cryptocurrency into its banking system. The proposed legislation would allow for the creation of private investment banks that can operate with Bitcoin and other digital assets.

Milena Mayorga, El Salvador’s ambassador to the United States, recently tweeted about this development on X (formerly Twitter).

As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in Dollars and #Bitcoin. #BitcoinBank#EconomicFreedom https://t.co/3hfwVvTSeX

— Milena Mayorga (@MilenaMayorga) June 14, 2024

One key provision of the reform bill is the creation of private investment banks that can operate with Bitcoin and other digital assets. These banks would be permitted to operate in any…

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