"El Salvador Announces World's First 'Bitcoin Bank'... Expanding Legal Tender Infrastructure in Earnest"
Summary
- El Salvador has officially announced its plan to establish the world's first Bitcoin bank.
- There is a possibility that the bank will develop a dedicated financial system for Bitcoin deposits, loans, and payments.
- Detailed information about the bank's functions and regulatory framework has not yet been disclosed.
El Salvador, which has adopted Bitcoin (BTC) as legal tender, is set to establish the world's first 'Bitcoin bank.' While the specific establishment schedule is yet to be determined, this is the first time the introduction of a dedicated Bitcoin financial institution has been made official.
According to BeInCrypto, a media outlet specializing in cryptocurrency, the government agency 'Bitcoin Office' in El Salvador announced through its official X (formerly Twitter) account that "a Bitcoin bank will soon emerge in the Bitcoin nation." There is also speculation about the possibility of building a dedicated financial system where direct deposits, loans, and payments can be made using Bitcoin.
Max Keiser, the Chief Bitcoin Advisor to the President of El Salvador, emphasized, "In El Salvador, Bitcoin is functioning as an unstoppable directional flow," and added, "Stores of value assets totaling $400 trillion globally are gradually being absorbed into Bitcoin, and the existing central banking system will be rendered ineffective."
Meanwhile, specific details about the Bitcoin bank's functions, structure, and regulatory framework have not yet been disclosed. Local authorities plan to release further information through official channels in the future.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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