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Bitget has secured a Bitcoin Service Provider licence from El Salvador's Central Reserve Bank, allowing it to offer fiat-to-Bitcoin exchanges, payment solutions, and custody services. The exchange is also seeking a digital asset service provider licence to expand its offerings. El Salvador, having adopted Bitcoin as legal tender, is negotiating a USD 1.3 billion loan with the IMF, which may make Bitcoin acceptance voluntary for businesses, while pursuing international partnerships to enhance digital asset adoption.
Bitcoin soared to a new all-time high of $107,822, driven by President-elect Donald Trump's commitment to establishing a national Bitcoin reserve. This surge follows Trump's remarks about enhancing the U.S. position in the crypto space, alongside support from Wyoming Sen. Cynthia Lummis, who introduced the Bitcoin Act. The potential for a strategic reserve has sparked optimism among investors, suggesting a competitive landscape for Bitcoin adoption among nations.
Bitget has received a Bitcoin Service Provider license from El Salvador's central reserve bank, enabling it to offer various Bitcoin-related services, including fiat exchanges and secure custody solutions. The exchange is also seeking a Digital Assets Service Provider license for broader digital asset trading. This development aligns with El Salvador's evolving Bitcoin regulations as the country negotiates a $1.3 billion loan with the IMF, which may lead to making Bitcoin acceptance voluntary for businesses.
El Salvador's Central Reserve Bank has granted Bitget a Bitcoin Service Provider license, allowing the exchange to offer Bitcoin-related services in the country. This comes as the nation celebrates an unrealized profit of approximately $362 million from its Bitcoin holdings, valued at over $632 million. Bitget is also seeking a Digital Assets Service Provider license to expand its offerings and plans to establish a local team to enhance support for users in the region.
Bitget has secured a Bitcoin Service Provider license from El Salvador’s Central Reserve Bank, allowing it to offer various Bitcoin-related services in the country. The company is also pursuing a Digital Asset Service Provider license to expand its offerings and plans to establish a local team to support the region's digital economy. This move aligns with El Salvador's proactive approach to crypto adoption, further solidifying its status as a global digital asset hub.
Bitcoin has surged to a record high of $106,533, with large wallet holders increasing by 9.9% since October 10, reflecting growing confidence among institutional investors. The total cryptocurrency market cap has reached $3.8 trillion, with Bitcoin gaining 65% in Q4. Speculation around a U.S. Bitcoin reserve and comments from global leaders highlight Bitcoin's rising significance, despite concerns over market stability.
Several countries are exploring the establishment of national Bitcoin reserves, reflecting a growing trend in cryptocurrency adoption. In Japan, lawmaker Satoshi Hamada has proposed a discussion on a Bitcoin reserve, while Texas and Pennsylvania are considering similar initiatives. Brazil's government aims to allocate 5% of its international reserves to Bitcoin, and Poland's presidential candidate Sławomir Mentzen advocates for a strategic reserve and crypto-friendly regulations. Russia is also revisiting the idea of a national Bitcoin reserve amid recent legislative changes supporting digital assets.
El Salvador and Argentina have formed a strategic partnership to enhance the cryptocurrency industry in Latin America, focusing on regulatory collaboration and innovation. The agreement, signed by leaders from both countries, aims to foster a legitimate crypto market and promote knowledge sharing.El Salvador, a pioneer in adopting Bitcoin as legal tender, is also negotiating a multi-billion-dollar funding deal with the IMF, which may lead to adjustments in its Bitcoin law, allowing businesses to accept Bitcoin voluntarily.
A report by Sygnum predicts that institutional demand could drive Bitcoin prices to new heights in 2025, fueled by significant capital inflows and a favorable regulatory environment following the upcoming US presidential election. The analysis highlights a potential 'multiplier effect' from Bitcoin ETFs, with every $1 billion in inflows possibly increasing prices by 3-6%. However, risks such as inflation and geopolitical uncertainties could impact this bullish outlook.
Vancouver City Council has approved a motion to explore the integration of Bitcoin into its financial operations, aiming to assess its potential as a hedge against inflation and currency debasement. Mayor Ken Sim emphasized the initiative's exploratory nature, highlighting Bitcoin's decentralized attributes and historical performance. The motion directs staff to investigate accepting BTC for city taxes and fees, and the feasibility of incorporating it into the city’s financial reserves, with a report due by the end of Q1 2025.
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