El Salvador is exploring bitcoin-backed low-interest loans

El Salvador’s government is seeking to create a bitcoin-backed loan product for micro and small businesses across the country. El Salvador has about 1.2 million businesses, and more than 90 percent of micro businesses are self-financing through informal loans or loan sharks, said Paul Steiner, president of El Salvador’s National Institute of Small and Micro Enterprises. Ultimately, bitcoin-backed loans will offer lower interest rates than informal lenders, loan sharks, and banks. (cointelegraph)