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Bitcoin-friendly nation El Salvador is working on a crypto regulatory framework and has enlisted help from a digital asset titan affiliated with the largest stablecoin.&nbsp;
The parent company of Bitfinex exchange and Tether (<a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a>), iFinex, reached a partnership with El Salvador to realize the vision of President Nayib Bukele for comprehensive crypto legislation.&nbsp;
An announcement <a href="https://blog.bitfinex.com/announcements/ifinex-cong-bo-thoa-thuan-hop-tac-voi-chinh-phu-el-salvador-de-tao-khung-phap-ly-ve-tai-san-ky-thuat-so-va-chung-khoan/" target="_blank" rel="noopener noreferrer nofollow">published</a> on May 13 revealed that iFinex will aid Bukele’s administration in building “a solid home for the digital asset and securities market” within the Central American jurisdiction.&nbsp;Bitfinex and Tether CEO Paolo Ardoino said the collaboration signals new opportunities to mobilize capital and bootstrap tokenized real-world assets like equities.&nbsp;
Ardoino’s companies, Bitfinex and Tether, are two of the largest and oldest crypto entities. Launched in 2012 and 2014, the firms have pioneered P2P digital asset exchange and stablecoin operations.&nbsp;Tether manages issuance for USDT, crypto’s biggest stablecoin offering, with a market cap of over $110 billion per CoinGecko.&nbsp;
Echoing similar remarks as Ardoino, President Bukele stressed the country’s confidence regarding the partnership’s expected results.&nbsp;
<blockquote class="wp-block-quote">
 “We are proud of this cooperation and believe that this will be an important step for El Salvador to become the new financial center of the world.” <cite>President Nayib Bukele</cite>
</blockquote>
You might also like: <a href="https://crypto.news/bitfinex-tokenized-debt-hilton/" rel="noopener noreferrer nofollow"> Bitfinex launches tokenized debt for El Salvador’s new Hilton hotel </a>
<h2 class="wp-block-heading" id="el-salvador-s-bitcoin-tracker">El Salvador’s Bitcoin tracker</h2>
Combined with the iFinex partnership, Bukele’s regime also doubled down on its crypto transparency. As crypto.news <a href="https://crypto.news/el-salvador-launches-transparent-bitcoin-investment-data-platform/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, El Salvador launched a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) tracker to allow public view access to its stockpile. The platform, which operates a mempool dashboard, confirmed that the country holds some 5,748 BTC valued at over $360 million.&nbsp;
El Salvador introduced Bitcoin as a legal tender in 2021 and began accumulating the leading cryptocurrency, becoming the first nation to legalize the digital currency fully. Despite scrutiny from world bodies like the IMF, Bukele’s government <a href="https://crypto.news/nayib-bukele-hits-back-at-critics-as-el-salvadors-bitcoin-strategy-results-in-40-unrealized-profits/" target="_blank" rel="noopener noreferrer nofollow">remained</a> steadfast in its Bitcoin-friendly approach and announced its decision to purchase one BTC per day.
However, its journey has experienced challenges. Citizens reported issuers with the state-controlled Bitcoin wallet Chivo and hackers <a href="https://crypto.news/hackers-leak-el-salvadors-chivo-bitcoin-wallet-code/" target="_blank" rel="noopener noreferrer nofollow">leaked</a> the tool’s data twice.&nbsp;El Salvador had not addressed these issues at press time, but the country continues to further its involvement with the nascent industry.&nbsp;
Read more: <a href="https://crypto.news/el-salvadors-bitcoin-gamble-pays-off-critic-schiff-silenced/" rel="noopener noreferrer nofollow"> El Salvador’s Bitcoin gamble pays off, critic Schiff silenced </a>

Tether-parent iFinex to aid El Salvador’s crypto rules

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