Almost 90% of Bitcoin service providers registered in El Salvador are inactive

According to data from Central Bank of the country, sOlo one in ten suppliers meets the legal demands of El Salvador to offer its products and services.

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• Of the 181 registered suppliers, only 20 are active, including Wallet goat.
  
• Most have not complied with key standards on money laundering and cybersecurity.
  
• El Salvador’s agreement with the IMP has limited the public use of Bitcoin, Although Bukele insists on continuing to buy.
• Despite statistics, important companies in the crypto sector have moved their operations to El Salvador.

Almost three years after Bitcoin As legal tender in El Salvador, a new statistic reveals that the experiment faces serious obstacles.

According to a report published by the local media The world, of the 181 service providers Bitcoin registered in the country, just 20 are operationalthis according to data according to recent data from the Central Reserve Bank (BCR).

Difficult guidelines to meet

This implies that about 89% of registered companies do not meet the minimum requirements required by the Bitcoin Law Salvadoran, so they have been classified as “Non -operational”. The figure implies that, although the country is attractive to the companies providing services based on the main digital currency, It may be complicated in practice to adjust operations to meet the corresponding regulatory specificities.

As detailed Cointelegraphthe legal framework that regulates services Bitcoin In El Salvador it is not simple. The law requires that companies implement programs against money laundering (AML), Maintain precise accounting records on assets and liabilities, and adopt cybersecurity systems adapted to the type of service they offer.

He Central Reserve Bank He confirmed that the vast majority of suppliers have failed to meet these requirements. Financial supervision, which in theory should ensure the transparency of the sector, has been a challenge for many small and medium -sized businesses.

Among the few firms that have complied with the regulations include the state wallet Wallet goatin addition to private companies such as Crypto Trading & Investment and Fintech Americas. The information also reflects that at least 22 of the duly registered companies have not addressed most of the obligations stipulated by the legislation.

Adoption Bitcoin and deals with the IMP

Let’s keep in mind that El Salvador officialized in September 2021 to Bitcoin as legal tender, along with the US dollar. The measure was an initiative promoted mainly by President Bukele, who promoted it as a step towards economic and technological independence.

However, this enthusiasm has had to be measured in the face of the country’s macroeconomic reality. In March 2024, the Government signed an agreement with the International Monetary Fund (IMF) to access a loan of USD $ 1.4 billion. Among the conditions, El Salvador promised to reduce the institutional use of Bitcoin.

Specifically, the pact establishes that taxes will continue to be paid only in US dollars and that public entities must significantly limit their operations in BTC However, this has not prevented the Nation from continuing to invest in the digital currency to increase its reserves progressively, so the agreement has caused certain tensions.

However, this has not avoided that many companies seek to register in El Salvador to operate their products and services. Among the most outstanding cases are Tether, Bitfinex, Bitget and many others.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

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