El Salvador reveals bank regulations for Bitcoin and says that the use of Bitcoin is optional

It is expected that the introduction of Bitcoin in El Salvador will be official in less than three weeks, and the government has now published a draft that is supposed to guide banks when dealing with the cryptocurrency.

El Salvador published banking regulations for Bitcoin

The central bank of El Salvador, Banco Central de Reserva (BCR), has published two documents that are supposed to help the country's financial institutions deal with Bitcoin. The guidelines would make it easier to understand banks how they can offer their customers Bitcoin-related services.

die first translated as "guidelines for the authorization of the operation of the digital wallet platform for Bitcoin and dollar". The document defines Bitcoin as a legal means of payment after the law was passed a few months ago. After the approval of the draft law, Bitcoin is to become an official legal means of payment in El Salvador on September 7th.

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According to the regulation, financial institutions would have to contact the central bank of El Salvador if they want to offer digital wallets. In addition, the applications have to contain information about the type of products offered by the banks, the target market, risk reviews, loads on customers, various complaints and training resources for customers.

el Salvadors Finance Minister Alejandro Zelaya Went to be used at the beginning of this week that the use of Bitcoin is completely optional. According to the minister, the US dollar remains the dominant currency in El Salvador, but Bitcoin is available as an option for people who want to use it.