Only 11% of El Salvador’s registered Bitcoin firms operational

El Salvador's Bitcoin Law, mandating stringent regulations for Bitcoin service providers, has resulted in only 20 of 181 registered providers being operational. The majority, 89%, failed to meet requirements such as AML programs and robust cybersecurity measures. The Central Reserve Bank of El Salvador's data reveals this low operational rate. Several non-operational providers haven't met most of the law's obligations. Despite this, some firms, including the Chivo Wallet, comply. El Salvador initially adopted Bitcoin as legal tender in 2021, a key part of President Bukele's economic plan. However, a recent IMF loan agreement requires limiting Bitcoin use in the public sector. Despite this agreement, Bukele claims continued Bitcoin purchases, contradicting the deal. Speculation surrounds a potential reversal of Bitcoin's legal tender status, potentially by April 30th. The low operational rate highlights the challenges of implementing Bitcoin within a regulated framework.