El Salvador Plans to Offer Crypto Loans to Small-Scale Entrepreneurs
The government of El Salvador will offer cryptocurrency-based loans to small companies. Conamype, the National Commission for Micro and Small Enterprises, will be the link between the investors and a decentralized finance protocol called Acumen, that will be able to provide funding in stablecoins. The aim being to help small investors that have no credit history in the country. Small Companies in El Salvador to Receive Cryptocurrency-Based Loans Small companies in El Salvador will be able to receive funding to power their companies with cryptocurrency. The program is directed to include....
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The Salvadoran government is looking to create a Bitcoin-backed loan product for micro and small businesses across the country. It’s full steam ahead for El Salvador’s Bitcoinization. The next point on the orange agenda is in providing low-interest loans backed by Bitcoin (BTC) to small and micro-businesses.While the details of the BTC loans are currently not disclosed, Mónica Taher, an advisor for the government of El Salvador, was straight-talking in a Facebook Live Audio held yesterday. The discussion was called “Bitcoin loans with lower interest rates.” Paul Steiner the President of....
Nayib Bukele, dubbed the “CEO of El Salvador,” is pushing the envelope by implementing Bitcoin as a legal tender in the real world. The Salvadoran government is attempting to develop a Bitcoin-backed credit product for micro and small companies around the country. As a result, small and micro-businesses will be able to qualify for low-interest […]
The Legislative Assembly of El Salvador has issued legislation on the approval of a $150 million Bitcoin Trust. In addition, they passed legislation supporting crypto services and infrastructure development across the entire country. They passed the bill on August 31, and 64 officials voted in support, while 14 opposed the creation of the Bitcoin Trust. The Trust aims to enhance BTC to U.S. Dollars conversion and support the essential technological infrastructure. This will enable the widespread adoption of digital assets. Related Reading | Former DigitalX Executive Appointed As The....
Nicolas Maduro, president of Venezuela, stated the country could offer cryptocurrency-based loans to the agricultural sector, in addition to the traditional loans in several fiat currencies. He also stated that Venezuela has worked with petro and other cryptocurrencies for three years, pioneering the use of this kind of asset in Latam. Government Hints at Offering Cryptocurrency Loans in Venezuela Maduro hinted at the possibility of giving loans in cryptocurrency to the agricultural industry in an announcement made in a cabinet meeting last Thursday. He stated the country would look for....
El Salvador is a small Central American country of just over 6 million people. It has a rich, indigenous cultural heritage and its capital, San Salvador, is one of the most iconic cities in the world. Indeed, it’s known as the landfall of Christopher Columbus in 1492. Besides its rich history, El Salvador is also known for being the first crypto-friendly country in the world. In fact, El Salvador was one of the first countries in the region to declare its intent to become a crypto nation. They’ve recently adopted Bitcoin as legal tender, kicking off what experts predict will be a string of....