Qredo, a decentralized finance company, has been approved for registration in El Salvador as a Bitcoin (BTC), service provider.
Qredo announced Wednesday that the Central Reserve Bank of El Salvador had accepted Qredo’s registration as a registered Bitcoin service provider, as per the country’s Bitcoin Law. According to the registration website Qredo was authorized custody BTC, to provide Bitcoin wallets, to process payments, and to act as an exchange for digital assets.
HOT OFF THE PRESS#ElSalvador’s Central Bank has approved Qredo to offer a range of Bitcoin services Qredo is the country’s only #dMPC custody provider Such an important step in the wider adoption of Qredo infrastructure by local institutions https://t.co/Nh0np2Ok0K pic.twitter.com/5YKP3IRGna
— Qredo (@QredoNetwork) May 4, 2022
Qredo, a crypto service provider, stated that it must comply with all local laws and international standards regarding digital assets. It also needs to manage risk to avoid theft. Chivo, which is behind the state-issued cryptocurrency wallets and kiosks, as well as Paxos Trust Company and Paxful, and OpenNode, a Bitcoin payment processor, are other registered providers in El Salvador.
Anthony Foy, CEO of Qredo, stated that the BCR’s decision opened up further opportunities for Qredo in El Salvador and increased our footprint in Latin America — an area we believe has tremendous potential for digital assets.
According to a March survey by the Salvadoran Chamber of Commerce, 14% of local businesses have used Bitcoin since September 2021 when the Bitcoin Law was in effect. The Salvadoran President Nayib Bukele continues to promote crypto-related initiatives within the country, including a Bitcoin City that is backed $1 billion in BTC bonds. It uses geothermal energy from volcanoes for mining crypto and announces major purchases on social media. The head of state had already purchased 1,801 BTC as of January.
2022 predictions for #Bitcoin. *Will reach $100k. *2 additional countries will adopt it. *Will be a major electoral issue during the US elections this year. *Bitcoin City construction will begin *Volcano bonds are oversubscribed. *Huge surprise @TheBitcoinConf
— Nayib Buukele (@nayibbukele), January 2, 2022
Related: El Salvador Bitcoin wallet exhibits a strong sign of adoption
El Salvador, home to 6.5 million people, is one of the most crypto-friendly areas in Latin America. However, the actions of neighboring governments suggest that some are on the verge of taking the orange pill. Panama’s legislature approved in April a cryptocurrency law that would make the country compatible with the digital economy, blockchain assets, and the internet. Brazil’s Senate then approved its own Bitcoin Law to establish a regulatory framework for crypto currencies.