In the grand ledger of the Central Reserve Bank, a mere 20 brave souls, the registered bitcoin service providers (BSPs), dare to operate in El Salvador. Among them, the illustrious Chivo, the government’s wallet, is set to take its final bow. Bravo! 👏
Desolate Landscape: A Meager 20 Bitcoin Service Providers in El Salvador
Ah, El Salvador! Once a beacon of hope for bitcoin and cryptocurrency, now it seems the enthusiasm has evaporated like morning mist. Local whispers tell tales of how these digital solutions barely tickle the fancy of the average Salvadoran. The numbers, oh the numbers, paint a dismal picture of the cryptocurrency industry’s growth here. 📉
According to the esteemed Central Reserve Bank, only 20 BSPs are currently in the game. Yes, you heard it right! This includes our dear Chivo, the national cryptocurrency wallet, which is destined for the great digital graveyard as part of the government’s deal with the International Money Fund (IMF). What a plot twist! 🎭
Out of 181 institutions that fancied themselves as providers, a staggering 161 remain in the “not operating” club. It seems the initial allure of entering El Salvador was like a mirage—beautiful but ultimately disappointing. 😅
And let’s not forget the 22 registered providers who couldn’t even meet the basic requirements of the fourth article of the bitcoin law. Talk about setting the bar low! 🏅
The article proclaims that “each BSP shall conduct its operations with high standards of integrity and honesty.” Integrity? In crypto? Now that’s rich! 😂
Despite some macro wins, like the relocation of the stablecoin giant Tether, even Bukele has admitted that the adoption of bitcoin by Salvadorans is not quite the roaring success he envisioned. Who would have thought? 🤷♂️
Crypto remittances, the golden child of bitcoin’s promise, have barely made a dent, with less than 1% of funds sent using crypto rails. It’s like trying to sell ice to Eskimos! ❄️
In August, Bukele declared that Bitcoin had been a fantastic rebranding tool for the country. “It gave us branding, it brought us investments, it brought us tourism,” he mused. Well, at least they got a shiny new label! 🏷️
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2025-04-15 10:57