According to a study conducted by the US organization National Bureau of Economic Research, for several months, the use of Bitcoin in El Salvador has not been massive.
It should be recalled that the law recognizing Bitcoin as an official means of payment in the country came into force on September 7, 2021. According to it, citizens have access to the state-backed cryptocurrency wallet Chivo.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
According to the study, 60% of those who downloaded the app did not use it after receiving the $30 registration bonus.
The results of the study have shown that 95% of users have never paid taxes in cryptocurrency through Chivo and 89% have not received money transfers through the app.
In addition, more than half of citizens do not use Chivo ATMs.
Despite the fact that the authorities have forced companies to accept Bitcoin payments, only 20% of these have added this option. Of those that did, 88% prefer to convert funds to dollars, while only 12% of these companies keep funds in cryptocurrencies.