The El Salvador government plans to offer $10 million in Bitcoin and altcoin loans to small and medium-sized companies this quarter. cryptocoin.com We are giving the details as…
Bitcoin and altcoin loan from El Salvador!
The report states that the country will partner with lending platform Acumen, which relies on the Solana network behind popular altcoin SOL, to facilitate loans to the National Micro and Small Business Commission of El Salvador (Conamype). Acumen project manager Andrea Gómez said the loans will have an annual interest rate of 6-7 percent, but this rate could go up to 10 percent.
Conamype President Paul Steiner said that figure is a small fraction of the average annual rate of 2,300 percent that businesses operating in the largely informal economy pay to informal lenders for loans. Under its new loan program, Acumen will send US dollars to Conamype, which will convert cryptocurrencies to stablecoins such as USDC or Tether, and then distribute the loans to Salvadoran businesses and entrepreneurs.
Gómez said Acumen has 15,000 users and was recognized as the Central Bank of El Salvador credit institution in November. Crypto loans are the last step of El Salvador, which declared BTC as legal money in September, by President Nayib Bukele, a Bitcoin bull. Shortly after, he announced plans to build the world’s first “Bitcoin City” that would use geothermal power from a volcano to mine Bitcoin, and launch a “Bitcoin bond”. While the Bitcoin (BTC) price has fallen sharply for the past two days, the country, which announced that it bought 410 BTC at about $ 36,585, currently holds more than 1,500 BTC.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.