El Salvador’s Central Bank Issues Guidelines For Banks, Raises Questions
El Salvador’s Central Bank opened the door for banks to develop their own wallets. The organization published the “Guidelines for the Authorization and Operation of Digital Wallet Platforms for Bitcoin and Dollars.” As expected, they require full KYC and AML procedures. However, it also contains other requirements and measures that raise concerns and paint a […]
Related News
The Central Bank Of Brazil, the highest monetary authority of the country, has released a note listing the general guidelines for the design of a hypothetical central bank digital currency (CBDC) for the country. While there are still no concrete steps taken in this direction, at least the document recognizes there have been discussions about this possibility in the institution. Central Bank of Brazil Issues General CBDC Guidelines The Central Bank of Brazil, the economic authority of the South American country, has released a document where it specifies the general guidelines of a future....
Bitfinex’s “bail-in” scheme after a major theft raised questions regarding its risk and fund management. What can we learn from the recent bail-in event? To answer, a look at the result of the bail-in, and how it differs from central bank bailouts is necessary. With central bank bailout schemes in place around the world, many who are new to the concept....
El Salvador’s Banco Central de Reserva has released two documents detailing how banks should deal with Bitcoin. The central bank of El Salvador, Banco Central de Reserva (BCR), has published draft regulations on how banks should handle Bitcoin.Two documents were released for consultation on Aug. 17 instructing banks and financial institutions how to offer Bitcoin-related services to their customers.The first, titled “Guidelines for the Authorization of Operation of the Digital Wallet Platform for Bitcoin and Dollars” (in Spanish), defines BTC as legal tender according to the recently....
The Central Bank of Bahrain (CBB) has said new regulations compelling operators of crowdfunding platforms to ensure their products are suitable for clients are set to replace existing rules which were first issued in 2017. Segregation of Client Money From Platform Operators The Central Bank of Bahrain (CBB) has issued new guidelines which apply to operators of crowdfunding platforms for the first time since 2017, a statement from the central bank has said. The new regulations cover principles that govern the operations of a crowdfunding platform as well as the rules that apply to offers....
The country’s central bank chief does not see the recent Bitcoin adoption move hampering plans to secure an IMF loan. Douglas Rodriguez, president of the Central Reserve Bank of El Salvador, has dismissed fears that the country adopting Bitcoin (BTC) as legal tender will scupper plans for a $1.3-billion loan facility from the International Monetary Fund (IMF).According to Bloomberg on Tuesday, Rodriguez stated that the central bank does not see any risks associated with the Bitcoin Law even as it prepares to secure an extended loan facility from the IMF.Indeed, the central bank described....