Monica Taher, an advisor to the government of El Salvador, stated “Bitcoin loans with lower interest rates” as a title during a recent Facebook Live Audio discussion. El Salvador’s next move is to use the benchmark cryptocurrency to give low-interest loans to small and micro-businesses.
Loans will be executed via the government-created El Chivo wallet, according to Paul Steiner, head of CONAMYPE (the national institute for small and micro-businesses). El Chivo, the official Bitcoin and USD wallet, has witnessed a significant growth in usage.
In less than four months since its inception, it has attracted more than 60 percent of the country’s total population. More than 4 million individuals out of a population of 6.5 million are already using it (including those under the age of 18 who are unable to use the wallet).
El Salvador’s president, Nayib Bukele, has projected that at least two more nations will accept Bitcoin as legal cash this year. He just announced a meeting with Turkish President Recep Tayyip Erdogan. Turkey has indicated interest in adopting Bitcoin to assist the country in overcoming its massive current inflation. Erdogan recently indicated that legislation governing cryptocurrency was on its way to the country’s legislature. The bill seeks to amend the country’s current crypto legislation and pave the path for Bitcoin adoption.
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