El Salvador Submits Issuance Bill For Full Crypto Adoption

El Salvador President Nayib Bukele remains unperturbed during the deepening crypto winter. His economy minister has just submitted a bill facilitating the full legalization of cryptocurrencies.

El Salvador Minister of the Economy Maria Luisa Hayem Brevé has submitted a Digital Assets Issuance bill. The lengthy document outlines the formal expansion of a legal framework for the adoption of all cryptocurrencies in El Salvador.

The bill was submitted to the legislative assembly for discussion by Congress. Additionally, crypto lawyer Ana Ojeda Caracas explained the details on Nov. 23.

El Salvador Full Steam Ahead on Crypto

The crypto law, if passed, will regulate transfers of any crypto asset type, not just Bitcoin, which is already legal tender. It seeks to “promote the efficient development of the digital asset market and protect the interests of acquirers,” according to a translation.

Additionally, it also separates crypto from other financial assets fashioning an entirely new framework for them. This is needed in the U.S., which instead seeks to lump them into decades-old laws regarding securities.

According to Caracas, the bill would result in the following if approved (translation):

  • Creation of a registry of digital asset suppliers/providers.
  • Full crypto legalization.
  • Definition of stablecoins and tokens.
  • Regulation of public offerings of digital assets.
  • Tax exemption in some cases.

She added that the bill originated directly from the President’s office. Furthermore, delays in discussions and approval are unlikely. The law will finalize “shaping the crypto ecosystem in El Salvador,” she said.

When President Bukele introduced the Bitcoin Law in June 2021, it was approved by the National Assembly within a few hours. Furthermore, BTC was made legal tender in the country in September of that year.

Tether CTO Paolo Ardoino commented:

“Digital securities law will enable El Salvador to be the financial center of central and south America.”

Green Light for Volcano Bonds

Additionally, the bill paves the way for the issuance of the El Salvador volcano bond, originally announced in November 2021.

According to the ‘Nayib Tracker,’ the El Salvador BTC stash of 2,392 coins is currently worth $39.5 million. However, it has lost $67.8 million, around 63%, since Bukele started buying in early September 2021.

The millennial president remains unruffled, however, vowing to buy 1 BTC per day from Nov. 18. Nevertheless, he is currently stacking at a discount compared to the dollar cost average of $44,873.

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Source: https://beincrypto.com/el-salvador-submits-digital-asset-issuance-bill-full-crypto-adoption/