El Salvador Plans New Private Banks for Bitcoin Investors
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El Salvador’s President Nayib Bukele has proposed the creation of private investment banks to empower Bitcoin investors, helping them avoid the restrictions of traditional banks. This initiative, detailed further by Ambassador Milena Mayorga, aims to offer a wide range of financial services in both dollars and Bitcoin. Additionally, the proposed Bank for Private Investment (BPI) is expected to face fewer regulatory constraints and enable greater engagement with international finance. This step follows Bukele’s re-election and aligns with forecasts of significant GDP growth for El Salvador. The proposal, which requires legislative approval, envisions a minimum of $50 million in share capital and aims to cater to both local and foreign investors.
