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.
Negotiable certificates of deposit, a new investment tool that was authorized in El Salvador, generates expectations because it promises to improve the yield of savings and may be processed with no need to register it in an agency.
The Standards Committee of the Central Reserve Bank (BCR) authorized on February 2, 2021 the new investment tool called negotiable certificates of deposit (CDN).
Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.
CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
Given the outbreak of covid-19 and the imposition of restrictions on economic activity, between February and June of this year the amount of loans granted by the banking sector reported a 1.2% drop.
Data from the Superintendence of the Financial System (SSF) indicate that between February (the month before the beginning of the health and economic crisis) and June of this year, the credit portfolio contracted by $149 million, from $13.276 million to $13.127 million.
At a regional level, nearly 16 million people are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.
The interactive information system developed by CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
On February 14th and 15th, representatives of banks, international financial institutions and risk rating agencies will meet in Panama City to discuss issues related to the sector.
The event called "International Banking Congress for Regulators & Bankers," will be organized by the Superintendence of Banks of Panama (SBP) and seeks to address issues such as Basel III, prevention of money laundering, de-risking, new risks facing the industry, financial innovation-Fintech, cybersecurity, among others.
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. "
On October 12 and 13 representatives from the banking and financial sector will be gathering together in Panama City to discuss issues relating to regulation, business and investment.
The International Finance Summit is an event being organized by the Banking Association of Panama and will be held at the Hotel Trump Ocean Club Convention Center.
Optimal Financial Services has acquired the financial operations of Finca El Salvador for $12 million.
With the purchase of Finca, the company Optima will be managing total assets of $40 million and a portfolio of 14,000 customers."...The operations of Finca will become part of Optima's portfolio of financial products and services, incorporating individual loans of up to $300, and express credit up to $1,000, within 24 hours for small business. "
The liquidity of the banking system grew by 30% in the last twelve months, helped by the growth of liquid assets of banks and the extension of terms for external loans.
The report by the Central Bank concludes in its study on financial stability that the Salvadoran banking system continues to show a position of robust solvency in terms of liquidity levels which have been expanded in recent months.
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.
Although the banks had sought to extend the term, starting September 1 entities must charge 0,25% on operations over $1000.
From September 1 banks, credit unions and savings and loans companies must withhold 0.25% for every transaction in made in cash, by check or electronically worth over $1,000.
The Directorate General of Internal Revenue, at the Ministry of Finance has published the regulations that refer to the new taxes. The Salvadoran Banking Association (ABANSA) told Elsalvador.com that "... Banks, which are from today retaining the tax, are still analyzing the document. The president of the bank union, Armando Arias said in recent days that because they are not equipped with technological resources and trained personnel, they will begin collecting taxes manually, generating more delays for customers in the banking system. "
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