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US OCC gives approval to Anchorage to become a crypto bank.

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The Office of the Comptroller of the Currency (OCC), an independent bureau within the US Treasury Department, announced that it granted its first conditional approval to Anchorage Trust Company to become Anchorage Digital Bank. Anchorage has become the first federally chartered crypto bank in the United States. Bitcoin reacted positively to the recent announcement, as the world’s leading cryptocurrency jumped above $38,000. At the time of writing, the price of bitcoin is trading at just above $38,500. 

Anchorage received the national trust bank charter after a comprehensive review of its operations.

According to the official announcement, the company received the national trust bank charter from the US Treasury’s department OCC after a comprehensive review of its operations. Additionally, Anchorage has signed an operating agreement to comply with the OCC’s capital and liquidity requirements along with a proper risk management structure. “In granting this national charter, the OCC applied the same rigorous review and measures applied to all charter applications. By bringing this applicant into the federal banking system, the bank and industry will benefit from the OCC’s extensive supervisory experience and expertise,” the OCC noted in the announcement. 

The digital bank will provide crypto custody, trading, and staking services. 

Anchorage is a digital asset platform that provides different crypto services, including crypto custody, trading, and staking. In 2019, the leading financial services firm, Visa, co-led Anchorage’s $40 million funding round. Anchorage noted in its official announcement that having a national bank charter places them firmly on the same regulatory footing as other national banks in the country. It puts first-of-its-kind, sub-custody services within reach for any traditional financial institution that wishes to give its clients access to digital assets, the bank added. Bitcoin reacted positively to the news as its price jumped over $38,000. The overall market cap of the entire crypto market jumped above $1 trillion on Thursday.

Source: https://coinnounce.com/us-occ-gives-approval-to-anchorage-to-become-a-crypto-bank/

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El Salvador’s President Bukele reveals the official bitcoin digital wallet ‘Chivo.’

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El Salvador has announced that it will release an official digital wallet for BTC and other currencies, according to a local media report published on June 24. The effort follows the approval of bitcoin as legal tender in the country, which brought much attention to the South American nation. The new digital wallet is called Chivo, and it will form the basis for everyday use of the currency.

The government would give $30 worth of BTC after users download the app. 

President Nayib Bukele, who led the effort to authorize bitcoin as legal tender, said that the government would give $30 worth of BTC after users download the app during a conference. In his statement, he also touted the benefits of using bitcoin, such as remittances that can be made at any time of the day and disintermediation. Chivo will be available on both Android and iOS. The digital wallet will also be compatible with other digital wallets on the market. It will be released later this year, with the bitcoin law coming into effect on Sept. 7.

El Salvador is keen on moving forward with its bitcoin legalization with or without global regulators’ help. 

The unveiling of the official digital wallet Chivo clearly indicates that the South American country is very keen on moving forward with its bitcoin legalization. Earlier, El Salvador received criticism from global regulators for its decision to authorize bitcoin as legal tender. World Bank refused to help El Salvador transition to bitcoin. However, it did not affect El Salvador’s efforts. The South American country is going ahead with the transition without global regulators’ help. As reported earlier, Paraguay has also announced to follow El Salvador’s lead and introduce a bill seeking to make bitcoin a legal tender. 

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Source: https://coinnounce.com/el-salvadors-president-bukele-reveals-the-official-bitcoin-digital-wallet-chivo/

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El Salvador to airdrop $30 in Bitcoin to every adult citizen

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The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.

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Source: https://cointelegraph.com/news/el-salvador-to-airdrop-30-in-bitcoin-to-every-adult-citizen

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After El Salvador, Paraguay looks to make bitcoin a legal tender.

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South American nation Paraguay is following El Salvador’s lead and is on track to make Bitcoin (BTC) a legal tender following the announcement of the proposal of a bill to support the move. The bill proposal was affirmed by a member of parliament, Carlitos Rejala, who shot into global fame in the past weeks. Paraguay could become the second country to embrace Bitcoin as legal tender after El Salvador.

“The bill will help position the country to trail the path of growth for the next generation.”

Parliament member Carlitos said the bill would help position the country to trail the next generation path. The world’s leading cryptocurrency bitcoin has seen both worse and best days in the past few months as the cryptocurrency’s energy-related FUD swayed prices away from their all-time high of $64,000. However, news of Bitcoin becoming a legal tender in El Salvador has helped to cushion the market. This trend can be bolstered by the proposal of this similar bill in Paraguay. 

Global regulators criticize El Salvador for authorizing bitcoin as legal tender. 

El Salvador’s decision to make the world’s leading cryptocurrency bitcoin a legal tender was not met with enthusiasm from global regulators. While the International Monetary Fund (IMF) earlier raised economic concerns about El Salvador’s decision o make Bitcoin a legal tender, and the World Bank denied the country any help to implement the cryptocurrency in its monetary system. Bitcoin has also received a lot of criticism from global regulators over its massive energy consumption and adding to the climate crises. However, more and more bitcoin miners are moving towards using more clean energy to fuel their machines. El Salvador is set to tap into its Volcanoes to generate geothermal energy it is set to use in mining Bitcoin.

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Source: https://coinnounce.com/after-el-salvador-paraguay-looks-to-make-bitcoin-a-legal-tender/

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