Bitfinex to Launch in El Salvador on January 31
Bitfinex Securities, a well-known digital asset exchange, has announced its plans to establish operations in El Salvador. This move will make Bitfinex the first registered and licensed digital asset service provider in the country. The launch is scheduled for January 31 and is expected to have a significant impact on El Salvador’s position in the digital asset space. It may even influence the upcoming general election on February 4.
El Salvador Benefits from Bitcoin Investments
In December 2023, President Nayib Bukele revealed that El Salvador’s Bitcoin investments had become profitable. With Bitcoin’s price surpassing $42,000, Bukele announced on social media that the country had made a profit from its cryptocurrency investment and intended to continue holding its assets.
Bukele tweeted, “El Salvador’s Bitcoin investments are in the black! With the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277.13 USD.”
Naturalization Through Bitcoin
In December 2023, El Salvador’s Congress passed a law allowing foreign citizens to obtain citizenship through Bitcoin investment. This law offers expedited citizenship to foreign investors who contribute to social and economic development programs with Bitcoin. It also eliminates the usual five-year residency requirement for non-Spanish-speaking investors, making it easier for them to gain Salvadoran citizenship. The law does not specify a minimum donation amount, making it appealing to a diverse group of investors.
Hot Take: Bitfinex Expansion Boosts El Salvador’s Digital Asset Status
Bitfinex’s launch in El Salvador as the first registered and licensed digital asset service provider is a significant development for the country. This move solidifies El Salvador’s position as a key player in the digital asset space and demonstrates its commitment to embracing cryptocurrencies. The expansion of Bitfinex into El Salvador could also have implications for the upcoming general election, as the country’s approach to digital assets becomes a focal point of discussion. Overall, this move further showcases the progressive nature of El Salvador’s policies regarding Bitcoin and other cryptocurrencies.
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