El Salvador: Bitfinex to help design crypto regulation where Bitcoin is legal tender

The country wants to address digitized financial instruments in order to promote the growth of the cryptocurrency sector in El Salvador.

El Salvador, the first country to declare Bitcoin as legal tender, has chosen iFinex, the firm behind the Bitfinex brand, to help create the country’s digital assets and securities regulatory framework to regulate, issue, and operate digitized financial instruments in El Salvador.

The company will bring its expertise in operating a digital asset exchange and various activities in the cryptocurrency economy as the El Salvador Government creates and implements appropriately balanced cryptocurrency laws, regulations, rules, and guidelines.

The country wants to address digitized financial instruments in order to promote the growth of the cryptocurrency sector in El Salvador.

iFinex will also provide insights and expertise in adhering to and advancing cryptocurrency laws and regulations; working cooperatively and effectively with law enforcement and regulators; and, issuing and facilitating the trading of digital assets, including cryptocurrencies.

“We are proud of this collaboration with Blockstream and Bitfinex. I am sure that in a few years this will be seen as a key step towards becoming the newest financial center of the world,” said Nayib Bukele, President of El Salvador.

Paolo Ardoino, CTO of Bitfinex Securities, said: “IFinex and its management team are thrilled to participate in a project, alongside the El Salvador Government and Blockstream, that could be the birth of new global opportunities for governments and private sector companies to raise capital and tokenize those shares.

“The El Salvador Government has proven to be at the forefront of the adoption of bitcoin as a benefit to the independent wealth of its citizens. We’re excited to see the Volcano Bond coming to fruition and being available on iFinex, marking a turning point in the history of finance, with a government that will use the natural and renewable energy provided by the local natural environment to mine bitcoins and secure a bond offering.”

Bitfinex Derivatives has launched perpetual contracts for Shiba Inu (SHIBF0:USTF0), OMG Network (0MGF0:USTF0), bitcoin, euro Tether (BTCF0:EUTF0) and Ethereum, euro Tether (ETHF0:EUTF0).

The firm is a derivatives trading platform powered by Bitfinex, one of the largest cryptocurrency exchanges in the world and sister firm of Tether, which operates the stablecoin with the same name.

SHIBF0:USTF0 and 0MGF0:USTF0 will be settled in Tether tokens (USDt). BTCF0:EUTF0 and ETHF0:EUTF0 will be settled in euro Tether tokens (EURt).

Paolo Ardoino, CTO at Bitfinex Derivatives, said: “We’re delighted to announce the addition of Shiba Inu, OMG Network, bitcoin, euro Tether and Ethereum, euro Tether to the growing portfolio of perpetual swaps available to trade on the exchange. We anticipate great interest in these products, particularly among funds and professional investors for hedging purposes and to manage risk.”

All of the contracts offer users up to 100x leverage and are only available in eligible jurisdictions and exclusive to verified users. U.S. persons are not permitted to use Bitfinex or any of its services.

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