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In a groundbreaking move that has caught the attention of global financial markets, El Salvador has officially announced its plan to launch the first-ever Bitcoin Bank. This initiative cements the country’s position as a bold leader in cryptocurrency adoption, building on its historic 2021 decision to make Bitcoin legal tender.
Bitcoin bank El Salvador: bold move in crypto banking landscape
El Salvador is poised to push further into the crypto frontier with the proposed launch of a Bitcoin bank El Salvador. The initiative, introduced by President Nayib Bukele and promoted through his ambassador to the U.S., Milena Mayorga, aims to create a Bank for Private Investment (BPI) offering financial services in both Bitcoin and U.S. dollars—sidestepping many of the restrictions that bind traditional banks
What Is the Proposed Bitcoin Bank El Salvador?
Dubbed the BPI, this proposed Bitcoin bank El Salvador would serve as a private investment institution designed to:
Diversify financing options for investors by combining BTC and USD instruments
Operate with lighter regulatory constraints—such as relaxed limits on loans and foreign bank interaction
Require a minimum capital of $50 million and at least two shareholders, who may be foreign nationals.
Max Keiser, Bukele’s senior Bitcoin advisor, highlighted how this aligns with bullish forecasts of El Salvador’s economic trajectory—citing Ark Invest CEO Cathie Wood’s projection that GDP could scale tenfold in the next five years
A Continuation of El Salvador’s Crypto Experiment
The Bitcoin bank El Salvador builds atop a trail of bold crypto-first moves: the 2021 adoption of Bitcoin as legal tender, creation of the Chivo wallet and Bitcoin ATMs, and accumulated BTC reserves. Though the IMF later pushed back—leading to Bitcoin’s removal as mandatory tender—the government has continued BTC purchases and innovated in crypto services
What to Watch Next
While the Bitcoin bank El Salvador signals another daring stride in financial innovation, it’s still under review. The proposal has yet to be approved by the legislature or formalized via a vote in the relevant commission.
If passed, it could:
Draw international crypto investment
Accelerate El Salvador’s ambition to become a digital finance hub
Set precedents for other nations eyeing crypto-compatible banking models
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