{"id":127208,"date":"2025-04-15T12:17:49","date_gmt":"2025-04-15T12:17:49","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127208"},"modified":"2025-04-15T12:17:49","modified_gmt":"2025-04-15T12:17:49","slug":"only-11-of-el-salvadors-registered-bitcoin-firms-operational","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127208","title":{"rendered":"Only 11% of El Salvador\u2019s registered Bitcoin firms operational"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsOnly 20 of the 181 Bitcoin service providers registered with El Salvador\u2019s central bank are operational, with the rest failing to meet the country\u2019s requirements under its Bitcoin Law.\u00a0<br \/>\nLocal 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\u2019s database, the rest of the providers are classified as non-operational.\u00a0<br \/>\nThe data showed that at least 22 non-operational providers have failed to meet most of the country\u2019s Bitcoin Law requirements, which mandate that providers implement stringent supervision of their financial systems.\u00a0<br \/>\nMost of El Salvador\u2019s Bitcoin service providers are non-operational<br \/>\nEl Salvador\u2019s Bitcoin Law requires providers to maintain an Anti-Money Laundering (AML) program, keep records that accurately reflect the company\u2019s assets, liabilities and equity and have a tailored cybersecurity program depending on the nature of its services.\u00a0<br \/>\nThe data showed that 89% of the registered providers have failed to meet some of these obligations to be classified as operational.\u00a0<br \/>\nStill, a few firms have satisfied the legal criteria, including the state-backed Chivo Wallet and companies including Crypto Trading &amp; Investment and Fintech Am\u00e9ricas.<br \/>\nRelated: Cathie Wood to kick off El Salvador\u2019s AI public education program<br \/>\nEl Salvador\u2019s Bitcoin experiment<br \/>\nIn 2021, El Salvador became the first country to accept Bitcoin as legal tender along with the US dollar. This move made Bitcoin integral to El Salvador President Nayib Bukele\u2019s economic strategy.\u00a0<br \/>\nHowever, the Central American country recently signed a deal with the International Monetary Fund (IMF) on a $1.4 billion loan in exchange for rolling back some of its Bitcoin-related efforts. Under the agreement, taxes will be paid in US dollars and public institutions will limit their use of Bitcoin.<br \/>\nOn March 3, the IMF asked the country to stop its public sector Bitcoin buys. Still, Bukele said the government will continue to purchase Bitcoin, seemingly contradicting its IMF deal.<br \/>\nThe IMF deal prompted speculation about whether the country would rescind Bitcoin\u2019s status as legal tender. John Dennehy, an El Salvador-based Bitcoin activist and educator, said in an X Space with Cointelegraph that a rollback law changing Bitcoin\u2019s legal status is set to take effect on April 30.<br \/>\nMagazine: Memecoin degeneracy is funding groundbreaking anti-aging research<a href=\"https:\/\/cointelegraph.com\/news\/el-salvador-bitcoin-firms-operational-status?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsOnly 20 of the 181 Bitcoin service providers registered with El Salvador\u2019s central bank are operational, with the rest failing to meet the country\u2019s requirements under its Bitcoin&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127208"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127208"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127208\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127208"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}