The highlights of the week in terms of crypto in LATAM are that El Salvador is preparing to launch the world’s first Bitcoin banks, a significant step toward integrating BTC into its financial system.
Meanwhile, Brazilian fintech Méliuz takes a significant step toward international expansion by filing for a Level I American Depositary Receipt (ADR) program, allowing US investors to trade its shares over the counter.
These examples demonstrate the tremendous momentum for Bitcoin acceptance and innovation in Latin America.
Bitcoin banks on the horizon in El Salvador
El Salvador’s Bitcoin revolution is entering an exciting new phase, with the country preparing to welcome the world’s first “Bitcoin Banks.”
The statement came from The Bitcoin Office, which teased the revelation on its X account while proudly referring to the country as “Bitcoin Country.”
While official details are few, it is thought that the project will include the establishment of entirely BTC-denominated banking services, maybe backed by new legislation.
This decision marks another step toward incorporating Bitcoin into El Salvador’s financial system, demonstrating the country’s commitment to digital currency innovation.
Max Keiser, Senior Bitcoin Advisor to President Nayib Bukele, highlighted the project’s scope in an exclusive statement to BeInCrypto.
Keiser, along with his wife Stacy Herbert, Director of The Bitcoin Office, has played a key role in developing El Salvador’s pro-Bitcoin laws since 2021, when BTC became legal tender.
The establishment of Bitcoin Banks might be a watershed event in the country’s ambition to position itself as the worldwide hub of Bitcoin innovation, potentially attracting investors, entrepreneurs, and cryptocurrency aficionados from all over the world.
Méliuz expands international reach with US ADR program
Méliuz, a Brazilian fintech noted for its reward model and strategic usage of Bitcoin, has taken a big step towards internationalisation by filing an F-6 form with the United States Securities and Exchange Commission on August 5.
The filing certifies the establishment of a Level I American Depositary Receipt (ADR) scheme, with JPMorgan as the depositary bank.
This arrangement will enable Méliuz shares to be traded in the US over-the-counter market without a direct listing on major exchanges such as the NYSE or Nasdaq.
By implementing ADRs, the company hopes to improve foreign investor access to its shares and strengthen its presence in global capital markets.
The ADR program is designed to boost Méliuz’s visibility and liquidity, putting it on par with other Brazilian companies having a presence in US markets.
According to the formal filing, JPMorgan will hold the underlying shares in Brazil, with each ADR reflecting a percentage of Méliuz’s common stock.
Méliuz, founded in 2011, has been increasing its presence in the digital financial industry, with its latest projects focused on Bitcoin.
The appointment of Mason Foard as Bitcoin Strategy Director emphasises this approach. While the ADR structure is already in place, the company has yet to set an official start date for trading.
Brazil to hold first public hearing on Bitcoin as a reserve asset
Brazil’s Industry, Commerce, and Services Committee has planned a public hearing on August 20 at 4 p.m. to discuss Bitcoin’s (BTC) potential as a national reserve asset.
Congressman Gustavo Gayer (PL-GO) requested the session, which will be place in Plenary 5 in Brasília and aired live on the Chamber of Deputies’ YouTube channel.
He contends that Bitcoin’s decentralised character, scarcity, and resistance to arbitrary issuance make it a possible inflation hedge and a secure store of value in Brazil.
The session is anticipated to bring together crypto industry experts, economists, and public institution officials to examine the dangers, opportunities, and consequences of adding BTC to Brazil’s sovereign reserves.
This is the first time the National Congress has formally considered Bitcoin for such a role, indicating a growing institutional interest in decentralised alternatives amid global financial upheavals.
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