As part of the study of the initiative, the working table heard the representative of the Comisión Nacional de Activos Digitales (CENAD), Josué Merlos Escobar, who explained that, if the changes in the regulation are approved, the certification issued by the digital asset service provider will have the quality of executive title, as established in the Civil and Commercial Procedural Code.

"This in case it is required, always thinking about the protection of the consumer and the investor, guaranteeing them that they will have access to justice in a faster way because, otherwise, they would have to make a common declarative process of obligation and it is longer", Escobar said.

The CENAD delegate added that the amendments are intended to facilitate the immediate budgetary management of the institutions in charge of the application of the rules of public and private offerings of digital assets, such as the Comisión Nacional de Activos Digitales and the Agencia Administradora de Fondos Bitcoins. 

"With these reforms what we are trying to do is to clarify certain aspects regarding the quality of autonomous and make transparent the budget composition as the patrimony, because funds are received from the payment of rights and GOES Funds and what we do is to add how this structuring is going to be developed", Merlos detailed. 

Another change to the law that has been proposed is that when it is not possible to project the issuance of the 12 months of a stable currency, and this is duly justified, the issuer must report its initial projection with the minimum of one currency, as well as pay for it. At the end of the calendar year it must calculate the actual net issuance of coins and pay an amount equivalent to 0.01 % of the net amount offered, clarifying that in no case will the amount exceed US$300 thousand dollars.

In addition, the Banco Central de Reserva may authorize digital asset service providers access to payment and securities settlement systems, for which it must comply with the law, international conventions ratified by El Salvador and the technical regulations issued by the BCR standards committee.

Translated by: A.M