News El Salvador Finance: El Salvador bets safety on incarceration; unveils new prison
When El Salvador began making mass arrests of people with suspected gang affiliations last year, President Nayib Bukele ordered the construction of what would be the largest prison in Latin America. Dubbed the Terrorism Confinement Center, the prison will hold many of the more than 62,000 people authorities have arrested since the government suspended some constitutional rights and pushed an all-out offensive against the gangs last March. The effort enjoys broad support in El Salvador, but has been strongly criticized by human rights organizations and some foreign governments for its lack of due process and other abuses.
News El Salvador Finance: Paxos To Stop Minting BUSD After Regulatory Action; IMF Issues Warning Over El Salvador’s Bitcoin Experiment
Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). The International Monetary Fund (IMF) has warned that bitcoin's risks in El Salvador should be addressed. Shares of Hut 8 Mining continue to slide after agreeing to merge with U.S. Bitcoin Corp last week.
News El Salvador Finance: IMF says El Salvador's bitcoin risks have not materialized but 'should be addressed'
Risks over El Salvador's embrace of bitcoin "have not materialized," but use of the cryptocurrency still requires transparency and attention, the International Monetary Fund (IMF) said Friday in a statement after a visit to the Central American country.
News El Salvador Finance: Fitch Downgrades El Salvador to CCC Weeks Before Bitcoin Bond Issue
Concerns over ability to service debt, concentration of power in the presidency, and adoption of bitcoin as legal tender drove the downgrade.
News El Salvador Finance: El Salvador plans to issue first bitcoin bond next month
Between March 15 and 20, El Salvador plans to finish the preparations for its first $1 billion in Bitcoin bonds. The oversubscription of securities will amount to “at least $500 million,” according to ...
News El Salvador Finance: El Salvador's bitcoin adoption and its crypto-loving President Nayib Bukele contribute to country's credit downgrade at Fitch
Fitch Ratings downgraded El Salvador's credit further into junk territory in light of its bitcoin adoption. The ratings agency also cited an $800 million bond due next year and increased reliance ...
