Only 11% of El Salvador’s Bitcoin Firms Operational

El Salvador’s ambitious Bitcoin adoption experiment faces a critical challenge: only a small fraction of registered service providers are operational. According to data released by the Central Reserve Bank of El Salvador, just 20 out of 181 firms have met the stringent requirements imposed under its Bitcoin Law. This translates to a mere 11% being active, with the remaining providers categorized as non-operational. The report also highlighted that at least 22 non-operational companies failed to meet crucial regulations demanding meticulous financial system supervision, including AML program implementation and accurate recordkeeping.