Most Bitcoin companies of Salvador do not work

Salvador is considered a friendly country in relation to crypto actes. But, according to EL Mundo statistics, about 181 specialized companies are registered in the region. However, almost 90% of them do not work. And only 20 organizations work on the market regarding assets. It was emphasized that about 22 companies could not comply with the standards set forth in Article 4 of the Rules on the Law on Bitcoins. According to the regulatory document, bitcoin companies should work in accordance with high standards. Also, they must adhere to the KYC and AML policy.

Representatives of El Mundo noted that the statistics obtained reflects the harsh picture of the current normative state in Salvador. Back in 2021, the country became the world’s first region to actively buy bitcoin in the market. Most crypto enthusiasts supported a similar approach, but it caused concern among traditional financial organizations working in the country. The head of Salvadora Nayb Bookel has repeatedly noted that the new strategy can attract new investments to the region. Also, blockchain technology will significantly save on cross-border translations.

At a certain moment bitcoin It has become a legal payment, along with fiat currencies. The government also formed the CHIVO state crypto -cosel. Users were offered a bonus of $ 30 if they create an account.

However, things went not so smoothly, because at the early stage the service was faced with a number of technical difficulties.

Statistics also indicate that a year later from the moment the wallet is launched, most investors simply stopped using it. In conclusion, El Mundo emphasized that there are still institutional and infrastructure obstacles to the integration of cryptocurrencies into the national economy.

Author

Andrey Alexandrov