ICYMI: Everyday bitcoin usage in El Salvador remains low despite government push, US academic study finds
A US academic research study concluded that bitcoin usage in El Salvador is low when it comes to everyday transactions.
Only 20% of firms reported accepting bitcoin, despite laws that require businesses to do so as long as they have the necessary technology.After all the hype about El Salvador making bitcoin legal tender, how many people are using the cryptocurrency to make everyday purchases through the country’s Chivo bitcoin wallet? A new research study based on interviews with 1,800 Salvadoran households suggests that the number is not very high.
But the study also found that many Salvadorans stopped using Chivo after they had used the free bonus. Only about 20% of the survey respondents had kept using Chivo after spending their bonus. The new study also found that bitcoin has seen slow adoption by merchants. Companies in El Salvador are required by law to accept the cryptocurrency as a form of payment — as long as they have the technical ability to do so. However, the study's findings suggest this rule has not been very strictly enforced. According to a subset of the respondents who owned businesses or could answer questions about their employers’ payment methods, only 20% reported accepting bitcoin.
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