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Bancos Cuscatlan and Agrícola receive bitcoin to pay for loans in El Salvador

Two of the major banks in El Salvador, such as Cuscatlán and Agrícola, accept Bitcoin (BTC) for payment of credit lines and personal loans. Both banking institutions enabled payment channels with the first cryptocurrency after the Bitcoin Act came into force in 2021.

Yet almost two years after the historic event that made Bitcoin legal tender in a country, Cuscatlán and Agrícola continue to appear as the only banks in El Salvador offering services using BTC.

Banco Agrícola, the main bank in the Salvadoran market with more than 1.4 million customers, reports through its website, which allows payment with bitcoin through its Bancamovil app and e-banking platform.

And in such a way that your customers have the opportunity to generate QR codes for payments, credit cards and loans, with every wallet in the BTC Lightning Network.

For its part, Banco Cuscatlán offers its more than 700,000 customers the opportunity to do so Use Bitcoin to pay off your credit card and loan debt. It also allows payment for public services such as water, electricity, telephone and others, the bank told CriptoNoticias through its customer service via chat.

However, Cuscatlán made it possible Bitcoin payments only through the state-owned BTC Chivo Walletand offers no other option, although users have been maintaining complaints about this platform for almost two years.

Banco Cuscatlán confirmed to CriptoNoticias that it only accepts bitcoin payments through the Chivo wallet. Photo: CriptoNoticias.

It is important for Salvadoran bitcoiners that bitcoin be integrated into banking services. “It means that it will be achieved” he showed BTC educator Napoleón Osorio via his Twitter account.

Bitcoin acceptance is increasing in El Salvador

The ability to pay with bitcoin in exchange for services and products is increasing in El Salvador as cryptocurrencies are legal tender in the country.

Currently some 95 companies are registered by the central bankHe To offer services using Bitcoin and other cryptocurrencies in the country. As CriptoNoticias recently reported, even one of the latest to receive a license is cryptocurrency exchange Binance.

And as the number of services and products purchased in exchange for bitcoin increases, Cryptocurrency acceptance is also increasing in El Salvador by the population.

This is illustrated by the figures from a survey conducted by the opposition to the government of Nayib Bukele. According to your numbers More than 23% of Salvadorans believe Bitcoin did this has helpedat least a little, on the economic situation of their families.

It’s a number that can’t go unnoticed, says John Dennery, director of non-governmental organization (NGO) My First Bitcoin.

“Less than two years ago that figure would have been less than 1%. So it’s no disappointment to climb to almost one in four in two years in a bear market, that’s incredibly impressive growth and a hugely positive outlook for the future.”

John Dennery, Founder of the NGO My First Bitcoin.

In this sense, it must also be highlighted that the Salvadorian organization is making an important contribution to the adoption of Bitcoin, since it has brought education about the cryptocurrency to several sectors of El Salvador and has trained more than 25,000 people so far.

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