Bitfinex Relocates Crypto Derivatives
Arm to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin-Friendly
El Salvador
Bitfinex Relocates Crypto Derivatives Arm to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin-Friendly El Salvador
Crypto exchange Bitfinex is moving its derivatives operations to El
Salvador—the latest tech company to eye up the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin-loving country.
By Mat Di Salvo
Jan 8, 2025 Jan 8, 2025
3 min read
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin in El Salvador. Image: Shutterstock
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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin -loving El Salvador is making progress on its goal of attracting tech
talent, kicking off the new year by allowing digital asset exchange Bitfinex
to set up shop there.
The British Virgin Islands-based exchange said Tuesday that its derivatives
arm would relocate to the Central American nation. To operate there, Bitfinex
received a Digital Asset Service Provider license from the authorities, per
the announcement.
“With this license, we’re proud to relocate Bitfinex Derivatives to El
Salvador—a nation leading the charge in building a robust digital economy,”
the exchange said in a statement.
ð With this licence, we’re proud to relocate Bitfinex Derivatives to El
Salvador - a nation leading the charge in building a robust digital economy.
This move strengthens our mission to deliver innovative trading solutions,
especially to underserved regions in Latin America. ✅
— Bitfinex (@bitfinex) January 7, 2025
Derivatives in the world of crypto are financial contracts that allow
investors and traders to bet on the price movements of digital coins and
tokens—without owning the assets themselves.
Bitfinex did not immediately respond to Decrypt ’s questions.
El Salvador is working to attract foreign investment after once being a
crime-ridden country. Accelerators in the country have launched programs to
help small and medium-sized businesses.
But the International Monetary Fund• Объект организация » Организации по алфавиту » Организации на Ме » Международный валютный фонд (МВФ), with whom it had been negotiating a loan,
recently required El Salvador to scale back its crypto ambitions. The country
agreed to stop legally requiring businesses to accept Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin—but said it
would still buy the asset .
Under President Nayib Bukele, who came to power in 2019, El Salvador made
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin legal tender (along with the dollar). It also announced a law forcing
businesses to accept the orange coin if they had the technological means to do
so.
And President Bukele has continued to buy the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта as a long-term
investment for the nation’s coffers. According to SpotOnChain data, the
government’s official wallet holds over 6,000 BTC—today worth $564.6 million.
El Salvador has dramatically rebranded itself under President Bukele, going
from one of the most murderous nations on the planet to a tech-friendly spot
for beach-loving nomads.
The country in 2023 announced a visa• Объект бренды » Бренды на v » Visa program offering foreigners a passport
and residency if they invest $1 million in the form of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin or Tether—the
world’s biggest stablecoin, pegged to the U.S• Соединённые Штаты Америки (США). dollar—in the tiny Central
American country.
If polls are to be believed , Salvadorans like President Bukele, but still
appear to broadly have little interest in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.
Non-governmental organizations such as Amnesty and Human Rights Watch• Объект организация » Организации по алфавиту » Организации на Hu » Human Rights Watch have
alleged a “widespread pattern of state abuse” by Salvadoran authorities under
Bukele, as well as the dismantling of democratic checks and balances.
Edited by Andrew Hayward
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