According to Central Reserve Bank records, only registered Bitcoin Service Providers (BSPs) operating actively in El Salvador are 20 registered Bitcoin Service Providers (BSPs) are Chivo, the official government wallet that will soon be dissolved.
Barren Land: Only 20 Bitcoin Service Providers operate in El Salvador
El Salvador was one of the first countries to open the doors to Bitcoin and cryptocurrency services, but interest in these solutions was lukewarm at best. The local report states the small connections these solutions had against the average Salvadoran, and the figures now reveal poor growth in the domestic cryptocurrency industry.
According to figures from the Central Reserve Bank, only 20 Bitcoin Service Providers (BSPs) are currently operating in the country. The figures include Chivo, a national cryptocurrency wallet intended to be dissolved to assure the government’s agreement to close with the International Money Fund (IMF).
While 181 institutions have applied to become a national provider, 161 is still registered as “not operated”, suggesting a high initial appeal when entering El Salvador, followed by a lack of interest and indifference.
22 registered but inactive providers do not comply with the requirements established in the fourth article of the so-called Bitcoin Act ruleset.
This article states, “Each BSP shall conduct its operations with high standards of integrity and integrity in accordance with this regulation and all other applicable laws and regulations.”
The country has won several related macro victories, including the relocation of Stablecoin Behemoth Tether to the country, but Bukele himself admits that his administration had not anticipated the adoption of Bitcoin by the Salvadorans.
One of the major use cases the government has pushed for Bitcoin, Crypto remittances failed to gain momentum by less than 1% of funds using Crypto Rails.
Read more: Crypto transfers can’t gain momentum in El Salvador
In August, Bukere pointed out that Bitcoin served as an effective national rebranding tool at the international level. “It gave us branding, brought us investment, and it brought us tourism,” he rated.
Read more: Bukele Stase Bitcoin was an effective rebranding tool for El Salvador
