El Salvador's Central Reserve Bank Awards BSP License to an exchange..

[AMEBOIBADANBLOG]

Hello guys, I just saw some news that's worth sharing. I saw on cointelegraph that El Salvador's Central Reserve Bank has granted Bitget, a Bitcoin Service Provider (BSP) license. If it's true, then it's great news for the crypto community because it means that the exchange now has the legal authorization to facilitate Bitcoin-related services in the country, including converting Bitcoin to fiat currencies, processing Bitcoin payments, and securely managing Bitcoin custody with is crucial for more crypto adoption in the country.

Here's the news: link 1 [nofollow], link 2 [nofollow]

[target]

Whatever the country do can be good for crypto.  El Salvador been known to have adopted Bitcoin while majority of institutions are doubting BTC.. The president must have profit a lot from in this Bitcoin rise, he's been holding with diamond hands.

But how did Bitget a new exchange being trusted by the Central bank of the country?

[yhiaali3]

But how did Bitget a new exchange being trusted by the Central bank of the country?

Bitget is not a new exchange, Bitget was founded in 2018 and has grown rapidly to now rank 6th according to CoinMarket with a daily trading volume of $5.3 billion and serves over 25 million users worldwide.

Anyway, I don't know why El Salvador chose Bitget specifically instead of Binance, Bybit or OKX, Bitget may have offered more facilities than the rest of the exchanges, of course this is El Salvador's decision and I hope they are ahead in their choice.

[_act_]

I want o believe that this is an added advantage to Bitget exchange for such an amazing opportunity and well as to the entire people of El-Salvador for having a centralized exchange to be used for their daily transactions of fiat to bitcoin on bitcoin to fiat with the use of the p2p network, we still anticipate for more collaborations with other crypto entities in the country ad well as in serving for more opportunities on the people using bitcoin.

[Bobcrypto]

But how did Bitget a new exchange being trusted by the Central bank of the country?

Bitget is not a new exchange, Bitget was founded in 2018 and has grown rapidly to now rank 6th according to CoinMarket with a daily trading volume of $5.3 billion and serves over 25 million users worldwide.

Anyway, I don't know why El Salvador chose Bitget specifically instead of Binance, Bybit or OKX, Bitget may have offered more facilities than the rest of the exchanges, of course this is El Salvador's decision and I hope they are ahead in their choice.

I think bitget may not be the only CEX exchanges has been granted operational permit since the country adopted Bitcoin two years ago, except the people has been using Dex exchanges. Most probably, besides Bitget exchange that was given permit, they could be other exchanges operating without being fully licensed, in my opinion, I may be wrong.

[bitterguy28]

this is definitely a good thing for the country and those bitcoin enthusiasts who want to use this platform that are located in el salvador this will surely allow for a more widespread adoption i searched what countries or region bitget was allowed or not allowed in and i was surprised to see that usa was one of the countries where bitget aren't allowed in hongkong is also part of countries that do not allow this platform both surprising to see because these countries are known for being pro crypto or at least usa is starting to only change for the better i wonder if under trump's administration there will be any change

source

[Z-tight]

Does anyone know if other exchanges operate without a license or is Bitget the only exchange that has been granted license to operate in El Salvador.

and securely managing Bitcoin custody with is crucial for more crypto adoption in the country.

People should use exchanges only for trading crypto and not to store their crypto, it is not safe for custodial services to store your coins for you.

[Baofeng]

But how did Bitget a new exchange being trusted by the Central bank of the country?

Bitget is not a new exchange, Bitget was founded in 2018 and has grown rapidly to now rank 6th according to CoinMarket with a daily trading volume of $5.3 billion and serves over 25 million users worldwide.

Anyway, I don't know why El Salvador chose Bitget specifically instead of Binance, Bybit or OKX, Bitget may have offered more facilities than the rest of the exchanges, of course this is El Salvador's decision and I hope they are ahead in their choice.

Yeah, I was about to say that, Bitget has been in the crypto space for many years and I will say that they have the reputation to precedes their name and that's why El Salvador might have approved them and give the license.

And it's just about time, I mean we are in the bull run and most likely those El Salvadorian might want to exchange their crypto. And so with Bitget, it might facilitate everything with ease. Probably there will be a lot of crypto exchange that is in the line for approval from them as we all know that they are a pro-crypto country.

[hugeblack]

This would be good news for Bit git but why does El Salvador need a Bitcoin Service Provider (BSP) license where a third party does the conversion between bitcoin and dollars? I thought you could download an app to buy bitcoin or exchange bitcoin directly to your account and it would be done through a government owned app.

[yhiaali3]

This would be good news for Bit git but why does El Salvador need a Bitcoin Service Provider (BSP) license where a third party does the conversion between bitcoin and dollars? I thought you could download an app to buy bitcoin or exchange bitcoin directly to your account and it would be done through a government owned app.

Yes I thought so too, since the government of El Salvador has officially adopted Bitcoin in the country it would have been better for them to create this service and get the fees directly instead of handing them over to a third party.

I honestly don't know why, especially since they have an official Bitcoin wallet in the country and most of the citizens use it and thus it can be linked to the central bank and converted to dollars directly without the need for a third party.

[Mr. Magkaisa]

Whatever the country do can be good for crypto.  El Salvador been known to have adopted Bitcoin while majority of institutions are doubting BTC.. The president must have profit a lot from in this Bitcoin rise, he's been holding with diamond hands.

But how did Bitget a new exchange being trusted by the Central bank of the country?

      -       I have nothing to say about the leaders of El Salvador, I salute their president there, I admire their passion and dedication to Bitcoin, they are very open to the opportunity that bitcoin can provide to their country honestly speaking.

They are not a large or wealthy country but the belief that they have in bitcoin is great, I hope the majority of countries around the world will follow their example, and I hope our country will not be left behind in these situations one day.

[Cryptochamp1]

But how did Bitget a new exchange being trusted by the Central bank of the country?

Bitget is not a new exchange, Bitget was founded in 2018 and has grown rapidly to now rank 6th according to CoinMarket with a daily trading volume of $5.3 billion and serves over 25 million users worldwide.

Anyway, I don't know why El Salvador chose Bitget specifically instead of Binance, Bybit or OKX, Bitget may have offered more facilities than the rest of the exchanges, of course this is El Salvador's decision and I hope they are ahead in their choice.

Yeah, I was about to say that, Bitget has been in the crypto space for many years and I will say that they have the reputation to precedes their name and that's why El Salvador might have approved them and give the license.

And it's just about time, I mean we are in the bull run and most likely those El Salvadorian might want to exchange their crypto. And so with Bitget, it might facilitate everything with ease. Probably there will be a lot of crypto exchange that is in the line for approval from them as we all know that they are a pro-crypto country.

Yeah I believe their reputation precedes them, but it's a good thing especially for crypto adoption global..but props to them for pushing to make this happen. I think other platforms should or exchanges should take this as a sign to push for licensing rights..

[philipma1957]

So far so good. Anything that adds to facilitate BTC should help price and the ability to use the coins.

I wonder how many coins will be allowed on the exchange.

If anyone can find that out please let us know.

I am USA based I don’t think I can sign on to them.

[Cryptochamp1]

So far so good. Anything that adds to facilitate BTC should help price and the ability to use the coins.

I wonder how many coins will be allowed on the exchange.

If anyone can find that out please let us know.

I am USA based I don’t think I can sign on to them.

According to the link OP shared, it mentioned only BTC only products and services. I'm guessing that's a start soon it'll spread to Altcoins and other services. VPN isn't an option in the USA?.