Only 20 of the 181 Bitcoin service providers registered with El Salvador’s central bank are operational, accounting for only 11% of the total. The majority, classified as non-operational, have failed to meet the country's stringent requirements under its Bitcoin Law, which mandates the implementation of an Anti-Money Laundering (AML) program, accurate record-keeping of assets, and a tailored cybersecurity system. Local media reported that at least 22 providers did not meet these obligations. Nevertheless, a few firms, such as the state-backed Chivo Wallet and others like Crypto Trading & Investment and Fintech Américas, have managed to comply with the legal criteria. El Salvador's Bitcoin initiative faced challenges, including a recent agreement with the International Monetary Fund (IMF) for a $1.4 billion loan, which requires the country to reconsider its Bitcoin usage strategies, leading to speculation about possible changes to Bitcoin's legal status. A rollback law is set to take effect on April 30, which may change Bitcoin's standing within the nation's fiscal framework.

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