El Salvador: Nayib Bukele launches an ambitious pro-Bitcoin bank project

The boldness of the President of El Salvador, Nayib Bukele, as well as his unwavering loyalty to Bitcoin, is manifested once again with a bold proposal: the creation of a private investment bank dedicated to Bitcoin. Two weeks after being sworn in for his second term, Bukele continues to make waves in the financial and political world by considering broader financial services for bitcoin investors.

A Bitcoin bank to revolutionize investment

Salvadoran President Nayib Bukele, known for his fervent support of Bitcoin, recently unveiled a proposal to establish a private investment bank in El Salvador at the start of his second term.

This bank, if it sees the light of day, could offer investors in bitcoins financial services without the restrictions imposed by traditional banks.

“ As part of our economic plan for El Salvadorwe offer a BPI, a private investment bank, where we can diversify the financing options available to potential investors in dollars and bitcoins », wrote the ambassador of El Salvador to the United States, Milena Mayorga, on X.

Max KeiserBukele's senior advisor on Bitcoin, added that this initiative is in line with Ark Invest CEO Cathie Wood's predictions that El Salvador's real GDP could increase tenfold over the next five years.

Keizer stated:

“ President Bukele began his new term with new legislation establishing a Bitcoin bank “.

This proposal marks a new step in the adoption of Bitcoin in El Salvador, a country that has already made headlines in 2021 by becoming the first to adopt Bitcoin as legal tender.

A more flexible regulatory framework

According to a El Mundo reportthe new Bank for Private Investment will not be not subject to the same rigorous laws as traditional banks. Restrictions on dealings with foreign banks or financial companies linked to their shareholders will be lifted, as will limitations on loans.

“ Investment banks will also not be subject to the ban on granting credit or assuming risks for more than 25% of their fund of assets in relation to the same person. », Specifies the report.

This reform, led by the Minister of the Economy, María Luisa Hayem, and supported by Bukele, must still go through several stages before being approved.

Lawmakers have not yet agreed to summon officials to discuss project objectives nor to submit it to a vote within the Committee on Technology, Tourism and Investment.

If approved, the new bank will require a minimum share capital of $50 million and at least two shareholders, which may be foreign. This bank will be able to operate in any legal tender, including US dollars and bitcoin, and could also apply for authorization to become a digital asset and bitcoin service provider.

Bukele's proposal reflects his vision of a modern, technologically advanced El Salvador, where Bitcoin plays a central role in the country's economic transformation.