The Salvadoran State Bank has agreed to accept as collateral 200 crypto ATMs of the former state crypto wallet operator Chivo.
The Mortgage Bank of El Salvador (BHS) has issued a $1.5 million loan to Athena Holdings, which is associated with the technical support operator of the state-owned bitcoin application and Athena Bitcoin wallet.
The bank valued each cryptomat out of 200 Chivo devices taken as collateral at $7,760, and the loan period was 36 months. Cryptomats are listed as “collateral without moving”, that is, they have the right to remain in the use of the debtor.
The documents say that Athena Holdings was created in November 2020, seven months before the El Salvadoran legislature approved bitcoin as legal tender. Athena Bitcoin is present in the loan agreement as a guarantor.
After numerous complaints about system errors and identity fraud, the company lost its status as a Chivo technical support operator. The technical support of the wallet was entrusted to AlphaPoint.
Media outlets disapproving of President Nayib Bukele’s policy on cryptocurrencies said: Athena Bitcoin is not registered in El Salvador, which makes it an unreliable guarantor for a loan from a state bank.
In the middle of last year, the El Salvadorian authorities announced that the Chivo wallet would not be a mandatory means of payment.
Source: Bits
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