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 Salvadoran banking system is maintaining stable performance, despite an operating environment deteriorated by a recent increase in the risk rating for sovereign debt.
From a report entitled "Panorama one of El Salvador's Largest Banks in the First Quarter 2017" by Fitch Ratings:
Unions are opposed to the legal reform which aims to extend the scope of the supervision of the Superintendent of Financial System over savings and loans cooperatives.
In the view of Julio Cesar Portillo, secretary of the board of the National Commission for credit unions in El Salvador and CEO of Co-Andes de R.L. ,"... the reform presented to the Legislature, seeks to impose on savings and loans cooperatives a framework of regulation and supervision which is exclusively for private financial companies and for-profit institutions such as banks. "
In response to rumors of more interventions into financial institutions, the Superintendency of Banks in Panama says that they are unfounded, highlighting the strength of the banking system.
From a statement issued by the Superintendency of Banks of Panama:
The Superintendent of the Financial System has started monitoring the operations of companies that send and receive remittances.
With the law reform passed by the Assembly, legal persons performing operations to systematically send or receive money or substantial amounts, by any means, at national and international level, will be supervised by the Superintendency of the Financial System. The Central Reserve Bank of El Salvador will be responsible for issuing the relevant technical regulations.
The microcredit portfolio in Latin America and the Caribbean is worth over $40 billion, is awarded by more than 1,000 institutions, and reaches more than 22 million customers.
From a statement issued by the Inter-American Development Bank (IDB):
A new report documents significant expansion of microcredit in Latin America and the Caribbean
GUAYAQUIL, Ecuador - Microcredit in Latin America and the Caribbean remains strong and continues its expansion of the last decade, experiencing an increase in their number of customers, a variety of institutions and a downward trend in interest rates according to new data released here today by the Multilateral Investment Fund (MIF), a member of the IDB Group.
The law establishes a framework for the supervision of investment funds, fractional shares, management companies and the registration and marketing of foreign funds.
From a statement by the Legislative Assembly of El Salvador:
Government to government agreements simplify compliance with the rule that seeks transparency in the finances of U.S. citizens abroad.
Elfinancierocr.com reports that "the Foreign Account Compliance Act (FATCA) is a reality and the truth is that to date, there are very few financial institutions in our region who are prepared to meet the requirements of this U.S. legislation. The reason: the majority are waiting for clarification on some gray areas, especially given the possibility that the U.S. government will sign intergovernmental agreements which will simplify the reporting process. "
From the merger of three former superintendents: Securities, Pensions and Financial System, emerges the strengthened SFF, which will focus on risk management.
The newly created Superintendency of the Financial System (SFF in Spanish), which encompasses the previous three superintendencies (securities, pensions and financial system) has started its first project, the creation of four new regulations aimed at financial risk.
IMF Mission and Salvadoran Authorities Reach Agreement on an Economic Program for 2011 in the Context of the Stand-By Arrangement
Press Release No. 11/41
February 11, 2011
Mario Garza, mission chief of the International Monetary Fund (IMF) to El Salvador, issued the following statement today in San Salvador:
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
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