A gloomy new report suggests Bitcoin isn't being used that much in El Salvador 😬
The U.S. National Bureau for Economic Research notes there was a flurry of downloads after President Nayib Bukele said every Salvadoran citizen could claim $30 in free Bitcoin if they downloaded the app.
Even more worryingly, there's little evidence that Chivo is being used to pay taxes or send remittances "at a significant scale" — with El Salvador's central bank conceding that just 1.6% of remittances went through digital wallets in February 2022. Even among the businesses that have received Bitcoin, 88% of them opted to convert the funds to dollars rather than keep the BTC in their Chivo wallet. The report added:
Critics have argued that El Salvador enforced its Bitcoin Law too quickly, elevating the cryptocurrency to the same status as the U.S. dollar in just three months. This sparked widespread protests across the country.
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