US Bitcoin Partner Misses Major Licenses for El Salvador

El Salvador's president, Nayib Bukele, stirred things up this month when he announced that his country would be the first in the world to accept Bitcoin as legal tender. To implement this plan, the country is using Chicago-based Zap Solutions Inc. will rely on partners such as Strike has the technology to help El Salvador adopt Bitcoin, but one thing it doesn't have are certain licenses to work as a money transmitter. An investigation by Decrypt found that Zap is not licensed to operate in most US states. Experts suggest this means that many cash and crypto transfers to El Salvador using Strike could be illegal – a situation that could further cloud the Central American country's already controversial Bitcoin plans. Strike CEO Jack Mallers and others in the company did not respond to repeated requests for comment. A new face on the Bitcoin scene Strike CEO Jack Mallers is delivering on Bitcoin's promise. The son of a man who founded a leading brokerage firm in Chicago and a woman who calls himself "Bitcoin Mom," Mallers is a hoodie-loving 20-year-old whose Twitter profile shows Bitcoin believers' laser eyes. At a recent conference in Miami, a crypto gang praised Mallers as a hero for helping Bukele bring Bitcoin to El Salvador. Mallers introduced Bukele to the people of Miami and suggested that Strike, a Venmo-esque payment platform, would be an integral part of El Salvador's adoption of Bitcoin. The company has digital wallet technology that will allow users to quickly switch between crypto and fiat currencies, as well as help Salvadoran merchants comply with Bukele's decision to accept Bitcoin as payment. “My focus is on embracing Bitcoin features and what makes it the most powerful monetary network in the world,” Mallers said in a CNBC interview earlier this month. Bitcoin and El Salvador: An Inconvenient Truth

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