One-fifth of businesses in El Salvador now accept Bitcoin: NBER study

Months aft Bitcoin (BTC) became legal tender successful El Salvador, a survey conducted by the National Bureau of Economic Research (NBER) shows that 20 percent of businesses person started to judge BTC arsenic their outgo method. 

The study, surveying adults from 1,800 households successful El Salvador, aimed to measurement the adoption of BTC successful the state aft the Bitcoin Law was passed. The researchers recovered that BTC is gaining crushed compared to different outgo methods.

Suchitoto, a municipality successful El Salvador. Source: elsalvador.travel

According to the report, users who person downloaded the government-backed Chivo Wallet person “decreased their usage of currency by 10%, portion their nett usage of debit cards has been reduced by 11%.”

Apart from this, arsenic the Bitcoin Law successful El Salvador requires economical agents to judge BTC, the survey besides questioned survey participants who identified arsenic owners of firms and employees acquainted with institution outgo methods.

Within this demographic, 20% stated that their institution oregon spot of enactment accepts BTC, portion lone 25% judge recognition and debit cards. Additionally, the survey noted that “11.4% of firms person affirmative income successful Bitcoin.”

The researchers besides recovered that 71% of BTC income are mostly converted into dollars and past withdrawn. Furthermore, 17% of the income are converted into dollars and kept wrong the Chivo Wallet. Meanwhile, 12% person kept their BTC wrong the Chivo application.

Related: From brew to Bitcoin arsenic ineligible tender: A BTC acquisition successful Roatán

After the Bitcoin Law was enacted, an Italian mates tried to spell astir El Salvador for 45 days portion utilizing lone BTC as their means of payment. The mates recovered that galore places similar McDonald's and Starbucks already judge Bitcoin. However, they besides faced vendors that are not acquainted with the cryptocurrency.

Meanwhile, the Central African Republic has precocious adopted BTC arsenic a ineligible tender. With this, the nation's residents are legally allowed to usage BTC successful the aforesaid mode on with the country’s franc. Apart from this, the African state besides established a regulatory model for crypto use.