Regulation
El Salvador launches civil servants Bitcoin certification, collaborates with Argentina
- El Salvador launches 160-hour Bitcoin certification for 80,000 civil servants.
- The program aims to enhance governance and build a Bitcoin-ready workforce.
- Argentina collaborates with El Salvador to learn from its Bitcoin adoption success.
The El Salvador government, through its National Bitcoin Office (ONBTC), has embarked on an ambitious initiative to upskill 80,000 civil servants with a comprehensive Bitcoin certification program.
đžđ»EL SALVADOR CONTINUES TO TRAILBLAZE!
El Salvador will soon begin providing #Bitcoin instruction and certification to 80,000 public servants. https://t.co/gG9tMPvnPa
â The Bitcoin Office (@bitcoinofficesv) August 20, 2024
This is part of the nationâs ongoing commitment to integrating Bitcoin (BTC) into its economy and governance.
The certification program, named âCertification in Public Administration 1,â consists of a 160-hour virtual and asynchronous course divided into seven modules. Each module is designed to impart essential knowledge about Bitcoin, including its legal framework, strategic management, and the public policies surrounding its use as legal tender.
The Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in August 2021, will conduct the training, aiming to elevate the standard of governance in El Salvador.
Stacy Herbert, director of ONBTC, expressed optimism about the programâs long-term impact. She believes that educating civil servants on Bitcoin will have a âcompounding effectâ on the nationâs economy. âThese education projects are low-time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy,â Herbert stated.
This initiative is part of a broader strategy to create a Bitcoin-ready workforce, further solidifying the countryâs reputation as a global pioneer in cryptocurrency adoption.
Argentina seeks to learn from El Salvadorâs Bitcoin experience
El Salvadorâs success with Bitcoin has also garnered international attention, particularly from Argentina. The South American nation, grappling with economic challenges, has sought to learn from El Salvadorâs experience.
Argentinaâs National Securities Commission (CNV) kicked off discussions with El Salvadorâs National Commission of Digital Assets (CNAD) in May 2024 to explore collaboration opportunities in cryptocurrency regulation and adoption.
During a meeting between the two nations, Roberto Silva, president of Argentinaâs CNV, emphasized the importance of strengthening ties with El Salvador. He hinted at potential collaboration agreements to leverage El Salvadorâs insights into Bitcoin adoption, reflecting a growing interest in the cryptocurrencyâs role in stabilizing economies facing hyperinflation.
As El Salvador continues to champion Bitcoin, its efforts are not only transforming its own public sector but also inspiring other nations to explore the potential of digital currencies.
USDC issuer Circle is reportedly set to file its initial public offering (IPO) in April as part of the firmâs plans to finally go public. The stablecoin issuer is allegedly already working with top financial institutions to achieve this move.
Circle To File IPO In Late April
According to a Fortune report, Circle is looking to file its IPO in late April, although the listing period remains uncertain. The report noted that when a company files to go public, its shares usually begin trading four weeks later, indicating that the listing could occur in May. However, there is also a scenario where the IPO process could drag on for months.
The stablecoin issuer is reportedly working with investment banks JPMorgan Chase and Citi to achieve its long-anticipated IPO. The firm had previously tried to go public in 2021 under a SPAC arrangement with a shell company.
The US SEC failed to sign off on this arrangement back then, and the company eventually scrapped these IPO plans by the end of 2022 when the crypto exchange FTX collapsed and the broader crypto market experienced a downturn.
Revelation about Circleâs IPO plans comes just days after the stablecoin issuer partnered with NYSEâs parent company to explore USDCâs use in traditional finance (TradFi). Meanwhile, the USDC stablecoin recently launched in Japan following approval from the countryâs regulator. Notably, USDC is the first and only global dollar stablecoin approved under Japanâs stablecoin framework.
An Easier Path Now For The Stablecoin Issuer
Circle will likely face less resistance for its IPO plans under the current SEC administration. Under acting Chair Mark Uyeda, the Commission has shown its willingness to work hand in hand with crypto firms, which was missing under Gary Genslerâs administration.
US SEC Chair nominee Paul Atkins has also shown his willingness to change the approach that Genslerâs administration adopted towards crypto firms. During his nomination hearing, the SEC Chair nominee promised to prioritize providing regulatory clarity for the industry.
Circleâs IPO listing would be the biggest since the top crypto exchange Coinbase went public in 2021. Interestingly, Coinbase owns an equity stake in the crypto firm.
The firmâs USDC is currently the second-largest stablecoin by market cap, only behind Tetherâs USDT. The stablecoin industry is heating up as more financial institutions look to develop their own stablecoin.
Donald Trumpâs World Liberty Financial recently revealed plans to launch its USD1 stablecoin, while asset manager Fidelity is also considering doing so.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japanâs Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSAâs plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out âa private expert study groupâ to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
âIt is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,â said the FSA. âWe will develop laws to prevent unfair transactions.â
However, Japanâs cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japanâs Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the âBitcoin Rightsâ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trumpâs administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the billâs description, it seeks to safeguard usersâ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentuckyâs House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentuckyâs proactive stance toward cryptocurrencies isnât new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizonaâs House Rules Committee has passed two Bitcoin reserve bills â SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trumpâs victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
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