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Survey: The majority of El Salvadorian entrepreneurs believe the use of cryptocurrency should be optional

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Shivangi Mujumdar Follow


Jun, 18 2021

Jun, 18 2021

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Big, medium and small entrepreneurs showed their concern about the compulsory use of bitcoin. It came into existence on 17-June’21. They consider that its implementation will not fascinate investment, nor will it generate jobs. 


39% of entrepreneurs trust that it would lead to mistrust- 


As per the findings conducted by the Chamber of Commerce of El Salvador, only a minuscule four percent of all entrepreneurs. They are in favor of compulsory Bitcoin acceptance, La Prensa Gráfica reports.? 


Almost half of those measured (48 percent) do not imagine Bitcoin to improve the country’s economy by appealing to new investment and creating new jobs. 


The execution of bitcoin in the country, particularly due to its mandatory nature, has Salvadoran businessmen anxious, who agree that the use of cryptocurrency should be voluntary. This was recognized by the Chamber of Commerce and Industry of El Salvador in its survey on bitcoin in El Salvador, accepted from June 11 to 15. Overall, 1,668 people were consulted, of these 712 were businessmen. 


According to facts from the union, of the number of entrepreneurs surveyed, 96% responded that the use of cryptocurrency should be an option and only 4% stated they agreed that its use is mandatory. In addition, 49% said that they are concerned about its mandatory circulation; while 39% assured that it generates mistrust. 


Last week, the Legislative Assembly approved the Bitcoin Law, with which it declared that this cryptocurrency will be legal tender, and with saving power in the country as of next September. 


Experts Expectation- 


Entrepreneurs were also raised about their expectations concerning the changes that the implementation of bitcoin would bring. It is only 11% specified that it would bring investment to the country. 


The controller of the Institution's Economic Affairs Directorate, Karla Méndez, suggested that the Legislative Assembly generate a technical table or a multidisciplinary committee. It will help to carry out the corresponding and required analysis. 


The Salvadoran Association of International Freight Carriers (ASTIC), said that given this condition, the way of indicating for their services must change and that they will only agree to immediate payments if the billing is in bitcoin.

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Shivangi Mujumdar

CBW - External Analyst


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