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International Business Times
International Business Times
Business
Marvie Basilan

Bukele Administration Proposes Private Investment Bank For BTC Investors In El Salvador

Bitcoin El Salvador Nayib Bukele
President Nayib Bukele is known in the crypto space for his commitment toward encouraging wider Bitcoin adoption in El Salvador. (Credit: AFP)

KEY POINTS

  • The draft reform states that BPIs will facilitate the channeling of financial resources toward business and government projects
  • BPIs can apply as a digital asset service provider and should operate using 'any legal tender'
  • Bukele is known for championing Bitcoin even as the digital currency has had price downturns

El Salvador, which is known for its huge support for Bitcoin, has proposed the establishment of a Bank for Private Investment (BPI) that will offer services for both fiat and BTC users.

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