Cryptocurrencies, Uncertainty and Expectations

Following the approval of the legal framework that recognizes Bitcoin as a legal tender in El Salvador, one out of two local businessmen are concerned that the circulation of the cryptocurrency is mandatory and one out of three are distrustful of this change in the laws.

Thursday, June 17, 2021

The Chamber of Commerce and Industry of El Salvador carried out a survey among its members, businessmen in general and citizen consumers to know the expectations of the productive sector regarding the implementation of the cryptocurrency.

After the approval of the Bitcoin Law on June 8, between June 11 and 15, the Chamber conducted a survey to know the opinion of Salvadorans regarding the implementation of the cryptocurrency in the country.

The businessmen consulted expressed great concern about the implementation of Bitcoin, especially because of its mandatory nature, and 96.4% said they prefer to use it optionally.

Business leaders were also asked what they will do once they receive payments in Bitcoin, and 51.6% stated that they would change it to dollars for current expenses, the report highlights.

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Regarding the expectations of the changes that could be generated as a result of the implementation of the cryptocurrency, only 10.9% indicated that this transformation of the laws would attract investment to the country.

Finally, regarding concerns about the use of Bitcoin, the answers are repeated: They fear the volatility of the currency and do not understand how the use of cryptocurrency works, the figures highlight. See results presentation.

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