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Banco Central de Reserva (BCR), the central bank of El Salvador, has published draft regulations for banks and other financial institutions looking to offer bitcoin-related services. Draft Regulations for Bitcoin Digital Wallet Services The BCR released the document titled “Guidelines for the Authorization of the Operation of the Digital Wallet Platforms for
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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 the Latin nation.Citing the country’s lack of clarity in Bitcoin’s implementation in mainstream markets, Fitch Ratings warned about the
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El Salvador’s ground-breaking decision to adopt Bitcoin as legal tender could have an outsized impact on the global cryptocurrency market – but it’s unclear whether it will be positive or negative until we see how it works in practice.Although it was originally designed as a currency and has seen both
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One of the largest banks in the US, Bank of America recently came out in public support of El Salvador’s move to make bitcoin legal tender by making a case of the development’s benefits. Bitcoin Adoption Offers Key Opportunities to El Salvador On Sunday, August 1, El Salvador President, Nayeb Bukele posted
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Bank of America, one of the nation’s largest financial institutions based on total assets, believes El Salvador could have a lot to gain with its latest foray into Bitcoin (BTC).In a report published last week, analysts at the bank said El Salvador’s decision to recognize BTC as legal tender could
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The International Monetary Fund is warning that some of the consequences of a country adopting Bitcoin as a national currency “could be dire.”According to IMF marketing department financial counsellor and director Tobias Adrian and legal department general counsel and director Rhoda Weeks-Brown, a cryptocurrency like Bitcoin (BTC) may catch on
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