Bitfinex Parent Company Joins Hands with El Salvador Government

El Salvador, the crypto country, is on a roll with back-to-back high-profile announcements. First, the nation recently announced a Bitcoin City only to follow it with a partnership with the El Salvador government.

iFinex, the parent company of Bitfinex, released an official post about joining hands with the Government of El Salvador. The collaboration will see both parties trying to formulate a digital asset and securities framework.

The financial market already sees Bitfinex as a premium digital token trading platform. However, the news flooded the web with numerous traders looking for an extensive Bitfinex review.

Both entities concluded the agreement on 19th November, outlining the specifics of the future operations. These include building a digital assets and securities framework to operate, issue, ad regulate financial tools in El Salvador.

iFinex will utilize its years of market expertise in digital assets and related markets to formulate the framework. Moreover, it will help the El Salvador government build and integrate aptly balanced crypto rules, regulations, guidelines, and laws.

Besides this, the entities will focus on digitized financial tools to boost the growth of the crypto market in El Salvador. iFinex will also cooperate with law regulators and enforcements to issue and facilitate the trading of different digital assets, including crypto.

El Salvador plans to offer the first license to iFinex after establishing the new regulatory regime. In addition, the nation is exclusively collaborating with the platform to develop an energy framework for its BTC mining, also known as the Volcano Bond.

Nayib Bukele, the President of El Salvador, talked about the recent development. The president showed delight to be working with Bitfinex and Blockstream. Bukele added that the upcoming few years would be crucial for El Salvador to become the epicenter of the financial sector.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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