Breakthrough by accepting Bitcoin as legal currency El Salvador BTC continues its projects.
After the Bitcoin city project, the El Salvador government is now looking to provide Bitcoin-backed low-interest loans for small and micro businesses across the country.
El Salvador government adviser Mónica Taher, who attended a Facebook Live program yesterday, is on the country’s agenda.Bitcoin-backed low-interest loans” he stated.
Priority SMEs!
While Taher did not provide details on BTC-backed loans, CONAMYPE (national institute for small and micro enterprises) President Paul Steiner said that the low-interest loan application will be made through the government-created El Chivo wallet.
Noting that there are mostly small and micro enterprises in El Salvador, CONAMYPE president Paul Steiner stated that Bitcoin-backed loans are an opportunity to correct the situation.
“El Salvador has about 1.2 million businesses. Roughly 66% are micro-enterprises. More than 90% of micro-businesses are self-financed through informal loans or moneylenders.”
Emphasizing that the priority is to improve the business environment of SMEs, Paul Steiner underlined that the interest rate provided by BTC-backed loans will be lower than the interest rates given by unregistered lenders, moneylenders and banks.
On a Facebook live broadcast, government adviser Mónica Taher was asked if she has a low interest plan for mortgages, Taher replied, “The low interest loan plan will only be available to small and micro businesses at the moment. We’ll discuss the mortgage later.” said.
*Not investment advice.