After El Salvador approved a legal framework that recognizes Bitcoin as a legal tender, the cryptocurrency exchange Coincaex announced that at the end of June it will open an office in the country.
Following the approval of the legal framework that recognizes Bitcoin as a legal tender in El Salvador, one out of two local businessmen are concerned that the circulation of the cryptocurrency is mandatory and one out of three are distrustful of this change in the laws.
The Chamber of Commerce and Industry of El Salvador carried out a survey among its members, businessmen in general and citizen consumers to know the expectations of the productive sector regarding the implementation of the cryptocurrency.
In order to assess risks, verify regulation and other issues, the Central American Bank for Economic Integration will provide the Salvadoran government with advice on the implementation of the new cryptocurrency scheme, called Bitcoin.
Following the approval of the Bitcoin Law in El Salvador by the members of the Legislative Assembly, which creates a legal framework that recognizes this digital currency as legal tender in the country, the IMF warns that financial and legal risks have arisen.
Following the approval of the Bitcoin Law in El Salvador by the deputies of the Legislative Assembly, there is now a new legal framework that recognizes this digital currency as legal tender in the country.
The President of the Republic, Nayib Bukele, sent to the Legislative Assembly, through the Minister of Economy, Maria Luisa Hayem, the bill to allow the use of Bitcoin in the country.
The law regulating the service of information on the credit history of consumers in the country was published in the Official Gazette.
After the legislative plenary approved in third debate initiative 424, which modifies Law 24 of 2002 related to this system of registration in the Panamanian Association of Credits (APC), in the last days of 2020 the Executive approved the bill.
The official notice obliging all entities of the country's financial system to provide the tax authorities with information on the bank accounts of all their foreign clients was published in the Gazette.
In order to attend with greater agility, now in Panama the Superintendence of Banks will be able to manage via e-mail the claims submitted to it.
To speed up the processes for the attention of claims before the regulatory entity, the Board of Directors of the Superintendence of Banks of Panama (SBP), approved Agreement No. 8 -2020 of July 16, 2020, which amends Articles 8 and 13 of Agreement No. 3-2008.
Setting a maximum usury rate and preventing clients from getting into debt to the extent of reducing their income below the minimum wage line are some of the changes that have arisen due to the application of the new law that has been in force since June 20.
On June 20, 2020 the Usury Law was published in the scope number 150 to La Gaceta number 147, which establishes the methodology to be used to set the maximum interest rate, from which the crime of usury will be considered to exist, details an official statement.
Local authorities decided to raise by 10% the minimum capital required for the opening of a bank or the operation of existing ones.
The Superintendence of Banks and Other Financial Institutions (Siboif) announced that the minimum capital required for banks that already operate or wish to enter was raised by $1.03 million, from $10.67 million to $11.70 million.
Facing the proposal of the authorities to abolish the banking secrecy in the country, businessmen of the industrial sector are opposed, because they argue that there are already legal procedures in the country to do it through a judge.
At a press conference on February 11, Finance Minister Rodrigo Chaves defended the proposal to access sensitive information from taxpayers and said that by lifting banking secrecy they were seeking to tackle tax evasion.
Arguing that management practices were detected that put at risk its solvency and soundness, the Monetary Board decided to suspend the operations of Financiera de Occidente, S.A., an entity that represents 0.35% of the total assets of the local banking system.
Erick Vargas Sierra, head of the Superintendence of Banks (SIB), told Prensalibre.com that "...
In order to preserve savings and the stability of the national banking system, the Monetary Board decided to suspend the operations of Banco de Credito, an entity that represents 0.2% of the total assets of the local banking system.
The Superintendence of Banks will have to communicate to the general public the mechanism to be used to make operative the management of the deposits constituted in the Banco de Credito, informed the Central Bank.
Because of the financial, operational and corporate governance situation of the banking entity, the Superintendence of Banks ordered the entire closure.
This measure was taken after the evaluation deployed in the Interim Administrator's Report, as well as the assessment of this Superintendence of Banks, details an official report.
The Costa Rican Assembly approved reforms that expand the powers of Sugef to regulate and supervise financial entities abroad and financial companies that are part of a Costa Rican financial group or conglomerate.
On October 15, 41 deputies approved, in the Second Debate, file 21355, which seeks to strengthen the supervisory framework of the Superintendency of Financial Institutions through reforms to chapter IV of the Central Bank Law, the Assembly reported.