El Salvador is signaling its next move in integrating Bitcoin (CRYPTO: BTC) into its financial system, with plans underway to introduce banks centered entirely around the cryptocurrency.
The country’s official Bitcoin Office made the announcement on X, hinting at the creation of “Bitcoin Banks,” potentially the first banking institutions globally to be fully built on Bitcoin infrastructure.
This initiative appears to follow the outline of President Nayib Bukele‘s earlier proposal for a Bank for Private Investment (BPI), which aimed to attract international financial players through a more flexible regulatory framework.
Under this model, institutions would require a minimum capital of $50 million and at least two shareholders.
They could also opt to register as digital asset custodians or Bitcoin service providers.
While the BPI legislation is still being reviewed, the statement suggests …