iFinex Inc., the parent company of state-of-the-art digital token trading platform Bitfinex, announced that it has entered into an agreement with the Government of El Salvador.
The agreement between the two entities was closed on the 19 th of November and outlines a collaboration on the creation of digital assets and securities regulatory framework to regulate, issue, and operate digitized financial instruments in El Salvador. iFinex will be tasked with bringing its years of expertise operating a digital asset exchange, and various activities in the cryptocurrency economy. iFinex will help the El Salvador Government to create and implement appropriately balanced cryptocurrency laws, regulations, rules, and guidelines, particularly as they relate to digitized financial instruments in order to promote the growth of the cryptocurrency sector in El Salvador.
In addition to assisting in the establishment of initial guidelines, iFinex will also provide insights and expertise in adhering to and advancing cryptocurrency laws and regulations; working co-operatively and effectively with law enforcement and regulators; and, issuing and facilitating the trading of digital assets, including cryptocurrencies.
Following the enactment of El Salvador’s new regulatory regime, it is intended that iFinex will be granted its first licence.The El Salvador Government has committed to working exclusively with the platform as it gears up for the launch of its much anticipated first debt security to build energy infrastructure for the development of bitcoin mining (i.e., the ‘Volcano Bond’).
“IFinex and its management team are thrilled to participate in a project, alongside the El Salvador Government and Blockstream, that could be the birth of new global opportunities for governments and private sector companies to raise capital and tokenize those shares,” said Paolo Ardoino, CTO of Bitfinex Securities. “The El Salvador Government has proven to be at the forefront of the adoption of bitcoin as a benefit to the independent wealth of its citizens. We’re excited to see the Volcano Bond coming to fruition and being available on iFinex, marking a turning point in the history of finance, with a government that will use the natural and renewable energy provided by the local natural environment to mine bitcoins and secure a bond offering.”
“We are proud of this collaboration with Blockstream and Bitfinex. I am sure that in a few years this will be seen as a key step towards becoming the newest financial center of the world.” said Nayib Bukele, President of El Salvador.
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders. They offer spot trading, margin trading, advanced order types and margin funding for low-risk returns.