Source: Cointelegraph Original: "{title}"
According to data from the Central Bank of El Salvador, among the 181 registered Bitcoin service providers in the country, only 20 are operational, while the rest have failed to meet the requirements of the country's Bitcoin Law.
Local media El Mundo cited data from the Central Reserve Bank of El Salvador, indicating that only 11% of service providers are operational. According to the central bank's database, the remaining service providers are classified as non-operational.
The data shows that at least 22 non-operational providers have failed to meet most of the requirements of the country's Bitcoin Law, which mandates strict oversight of their financial systems.
El Salvador's Bitcoin Law requires providers to maintain anti-money laundering (AML) programs, keep accurate records reflecting the company's assets, liabilities, and equity, and develop customized cybersecurity plans based on the nature of their services.
The data indicates that 89% of registered service providers have failed to meet these obligations and are classified as non-operational.
However, some companies have met the legal standards, including the state-supported Chivo Wallet and crypto trading and investment firms like Fintech Américas.
In 2021, El Salvador became the first country to accept Bitcoin as legal tender, alongside the US dollar. This move made Bitcoin a central part of President Nayib Bukele's economic strategy.
However, this Central American country recently signed a $1.4 billion loan agreement with the International Monetary Fund (IMF) in exchange for cutting back on some Bitcoin-related initiatives. Under the agreement, taxes will be paid in US dollars, and public institutions will limit the use of Bitcoin.
On March 3, the IMF requested that the country stop public sector purchases of Bitcoin. However, Bukele stated that the government would continue to purchase Bitcoin, which seems to contradict its IMF agreement.
The IMF agreement has sparked speculation about whether the country will revoke Bitcoin's status as legal tender. Bitcoin activist and educator John Dennehy, residing in El Salvador, stated in a Cointelegraph X Space that a decree changing Bitcoin's legal status will take effect on April 30.
Related: El Salvador defies IMF agreement, has purchased over 13 Bitcoins since March 1.
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