Only 11% of El Salvador’s registered Bitcoin firms operational

The contrasted adoption of Bitcoin by El Salvador is visible among the companies of the sector. According to the local Central Bank, the vast majority of those that are registered do not really operate. What do you think about it? The Salvador article: 89% of Bitcoin service providers would not work according to the Central Bank appeared first on Cryptoast.

Revealing Data: Only 11% of Bitcoin Service Providers Operational in El Salvador

El Salvador’s bold move to adopt Bitcoin as legal tender captured global attention, positioning it as a pioneering nation in the crypto space. But beneath the surface of innovation, a concerning reality is emerging. While the vision was grand, the operational groundwork seems to be facing significant hurdles, particularly when it comes to Bitcoin service providers El Salvador. Are the wheels of progress turning as smoothly as envisioned? Let’s d…

El Salvador's Bitcoin Implementation Faces Challenges as Few Registered Providers Meet Regulations

According to data from the Central Reserve Bank of El Salvador, only 20 out of 181 registered Bitcoin service providers are currently operational in the country. This represents just 11% of registered firms, with the remaining 89% classified as non-operational for failing to meet requirements established under El Salvador's Bitcoin Law.Local media outlet El Mundo reported these findings based on the central bank's database. At least 22 non-opera…

11% of El Salvador’s registered Bitcoin firms are operational

• Most firms failed to meet Bitcoin Law requirements, including AML protocols, financial documentation, and cybersecurity policies. • Government-backed Chivo Wallet and a few private firms remain compliant and operational. • El Salvador’s Bitcoin adoption is under pressure from a $1.4B IMF loan deal, requiring reduced Bitcoin usage. • Despite IMF pushback, President Bukele insists the government will keep buying Bitcoin. The post 11% of El Salva…

Just 11% Of Bitcoin Companies In El Salvador Are Operational

Out of the 181 Bitcoin service providers registered with the Central Bank of El Salvador, only 20 are currently operational, while the rest have not fulfilled the necessary requirements set forth by the country’s Bitcoin Law. A report from local media outlet El Mundo referenced data from the Central Reserve Bank of El Salvador, revealing that only 11% of these service providers are functioning. The remaining providers are categorized as non-oper…

Only 11% of El Salvador’s registered Bitcoin firms operational

Only 20 of the 181 Bitcoin service providers registered with El Salvador’s central bank are operational, with the rest failing to meet the country’s requirements under its Bitcoin Law. Local media outlet El Mundo cited data from the Central Reserve Bank of El Salvador, showing that 11% of the service providers are operational. According to the central bank’s database, the rest of the providers are classified as non-operational. The data showed t…