El Salvador shares first regulatory draft for Bitcoin law

Şükriye Akdeniz

Aug 19, 2021

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El Salvador has come to the fore in recent months with its close interest in cryptocurrencies. El Salvador, which declared Bitcoin as the legal currency, has now published the draft law. It has published the first regulatory draft for banks under the Bitcoin law, which is targeted to come into effect from September 7.
El Salvador's central bank released two documents.
The documents published by El Salvador are as follows:
o Guidelines for authorization and operation of digital wallet platforms for bitcoin and dollars
o Technical standards to facilitate Bitcoin law enforcement
For the bill to offer Bitcoin-related services, it must first obtain the authorization of the central bank. Banks also need to identify possible risks that customers may encounter and take precautions against them.
The bill was announced as follows:
“The purpose of this regulation is to regulate the rights between financial institutions and providers contracting for the smooth operation of digital transactions, payments, only in Bitcoin or dollars, through different electronic mechanisms.”
The proposed regulations will apply to the following topics:
o Bitcoin and dollar digital wallets
o Digital exchange for bitcoin and dollar
o Payment service providers for bitcoin and dollars
o Intermediary related to these standards, such as Bitcoin-related guardians and technology providers

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