Qredo, a decentralized finance firm, has received the approval of registration as a Bitcoin(BTC) service provider in El Salvador.
Qredo announced that El Salvador’s Central Reserve Bank accepted the registration of the crypto firm as a recognized Bitcoin service provider, according to Bitcoin Law of the country, on Wednesday.
Qredo has the authority to custody BTC, offer Bitcoin wallets, process payments, and act as a digital asset exchange, as per the registration website.
Qredo will have to operate as per the local laws and international practices around cryptocurrencies along with risk management in order to avoid losses or theft. Chivo is another registered provider in El Salvador. It is the firm behind the kiosks (pretty much like Bitcoin ATMs) and the state-issued crypto wallets, and Paxos Trust Company, Bitcoin, and Paxful payment processor OpenNode.
Anthony Foy, CEO of Qredo, states that more opportunities will be open for Qredo in El Salvador after the decision of BCR, expanding its presence in Latin America, an area that possesses huge potential for crypto assets.
A Salvadoran Chamber of Commerce survey revealed that 14% of local businesses did the transaction in BTC since the Bitcoin Law was implemented in September 2021.
Nayib Bukele, President of El Salvador, is continuously pushing crypto-related initiatives in the country, including the announcement of major buys on social media, a Bitcoin City operated by $1 billion in BTC bonds, and making use of geothermal energy from volcanoes for mining crypto. The head of state bought 1,801 BTC as of January.
With around 6.5 million residents, El Salvador is among the most crypto-friendly parts of Latin America. However, considering the actions of governments in neighboring countries, it looks like they are also on the way to acknowledging the existence of Bitcoin.
The legislature of Panama gave approval to a cryptocurrency law whose aim is to make the country compatible with blockchain, digital economy, crypto assets, and the internet in April. The Senate of Brazil will also draft a regulatory framework for cryptocurrencies after approving its Bitcoin law.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/05/06/central-bank-of-el-salvador-approves-qredos-registration-as-a-btc-service-provider/