Qredo has announced that it has been awarded a license to carry out operations inside El Salvador by the premier bank in El Salvador. The decentralized firm will be a licensed BTC service provider. In the announcement, the firm mentioned that the license was granted following registration and examination by the proper authorities. With that, Qredo will be subjected to carry out its activities in the country under the Bitcoin Law.
Qredo will be subjected to Bitcoin Law in El Salvador
According to the update by the official platform, Qredo will be tasked with providing Bitcoin-related services bordered on wallet provision, and custody services, among others. However, these are secondary services as the leading service is for the firm to carry out its exchange services across the country. Qredo mentioned that with the license, the government had mandated it to follow specific regulatory framework pertaining to digital assets across the country.
The firm has also been charged with confining within international laws while helping its users mitigate malicious actions like fraud, thefts, and other risks. Before this approval, Chivo was the first firm to earn a license following the adoption of its Bitcoin ATMs and wallets by the country. All this happened in the wake of the country embracing Bitcoin as its legal tender.
El Salvador has big Bitcoin adoption plans
The country has also awarded a license of operation to Paris, the parent company of crypto facilitator, Paxful. According to a statement from the spokesperson of Qredo, the new license will enable the firm to extend its services across Latin America and increase its digital footprint across the world. According to an earlier report, many businesses have dumped physical cash in favor of Bitcoin following the signing of the law into place last year.
The country’s president is not relenting in his plans to increase the adoption of Bitcoin in the country. He recently announced that the country would build a Bitcoin city in a strategic location that will run on energy from volcanoes. In January, the country purchased a small amount of Bitcoin to push its entire Bitcoin cache to 1,801. El Salvador ranks as one of the most crypto-friendly nations globally, going by its 6.5 million citizens. Countries in Latin America have now started to their stride, with Brazil and Panama drumming up a legal framework for digital assets.