According to an NBER survey, one-fifth of firms in El Salvador currently accept Bitcoin

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The National Bureau of Economic Research (NBER) found out that 20 percent of establishments have begun to accept Bitcoin (BTC) as a payment option only months once it became a legal currency in El Salvador.

The research, which polled people from 1,800 homes in El Salvador, attempted to gauge BTC acceptance in the nation after the passage of the Bitcoin Law. Compared to other payment options, the researchers discovered that BTC is increasing traction.

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

Users who installed Chivo Wallet have “reduced their usage of cash by 10%, while their net usage debit cards has been cut by 11%,” as per the research.

Aside from that, since El Salvador’s Bitcoin Law mandates economic agents to accept BTC, the research also asked survey respondents classified as business owners or workers acquainted with corporate payment methods.

Only 20% of this population said their firm or place of employment accepts Bitcoin, while only 25% accept credit or debit cards. Furthermore, according to the survey, 11.4 percent of enterprises have positive Bitcoin sales.

El Salvador will exempt foreign bitcoin investors from taxes

The researchers also discovered that 71% of BTC sales are translated into dollars before being withdrawn. In addition, 17% of sales are translated into dollars and stored in the Chivo Wallet. In the meantime, 12% of users have retained their Bitcoin on the Chivo app.

Following the passage of the Bitcoin Law, an Italian couple attempted to travel across El Salvador for 45 days using BTC solely as a form of payment. According to the pair, many businesses, including McDonald’s and Starbucks, take Bitcoin. However, they ran across several sellers who were unfamiliar with cryptocurrencies.

Nevertheless, BTC has lately become legal currency in the Central African Republic. Residents of the country may now use BTC in the same manner they can use franc. Aside from that, the African nation built a cryptocurrency regulatory regime.

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