the The saviour The Legislative Assembly unanimously passed legislation regulating the issuance of digital assets and opening up the possibility of issuing government-backed assets Bitcoin BTC/USD Bind.
What happened: This legal framework, championed by President Nayib Bukelewill allow El Salvador to become the first nation in the world to offer such bonds.
The new law in El Salvador creates the legal framework for the circulation, transfer and storage of digital assets used in public offerings, including Bitcoin bonds, and provides users with more legal certainty. It is also establishing a new agency to manage El Salvador’s digital assets.
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Digital asset service providers in El Salvador would have to comply with strict registration procedures and several rules and regulations under the proposed law. These companies must provide a comprehensive list of the digital assets they intend to offer, outlining the benefits, limitations, and limitations of each asset. In addition, they must demonstrate the ability to implement appropriate cybersecurity measures and maintain top-notch customer service.
Bitcoin is already recognized as a legal currency in the country, but some opposition lawmakers have raised concerns about regulations governing its use, claiming it could be used for money laundering, tax evasion and increased debt, as reported by ElSalvador.com.
price action: Bitcoin was trading at $18,218 over the past 24 hours, up 4.36%, according to Benzinga Pro.
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