Months following the BTC (Bitcoin) turned into a legal tender throughout El Salvador, the NBER (National Bureau of Economic Research) organized a study indicating that 20% of the countrywide businesses have initiated embracing Bitcoin as a means of payment. The study, encompassing adults from nearly 1,800 households across the country, targeted to gauge the Bitcoin adoption following the approval of Bitcoin Law by the authorities. The researchers indicated that a foundation is being established by Bitcoin in comparison with the rest of the payment means.

As per the report, a plunge of 10% has been witnessed in the number of consumers by whom the government-issued Chivo Wallet has been downloaded whereas an 11% decrease has been seen in debit cards’ net utilization. In addition to this, as there is a need for the Salvadoran Bitcoin Law to get Bitcoin accepted by the economic agents, the survey members (who were categorized as the companies’ owners as well as employees having acquaintance with the respective companies’ payment methods) were also asked some questions.

In this respect, 20% of them disclosed that Bitcoin was accepted by their firms, whereas just 25% asserted that they accept debit and credit cards. Moreover, the study figured out that positive sales have been witnessed by up to 11.4% of the companies. The researchers additionally discovered that Bitcoin sales’ 71% is majorly transformed into dollars to subsequently be withdrawn. They added that 17% of the respective sales are those which are transformed into dollars however held in the Chivo Wallet. In the meantime, Bitcoin is kept by 12% within the application of Chivo.

Following the implementation of the Bitcoin Law, a couple from Italy attempted to move across El Salvador for approximately 45 days whereas utilizing just Bitcoin as their payment means. It was found by the couple that several places such as Starbucks and McDonald’s have in advance embraced Bitcoin payments. Nonetheless, they met vendors who do not even have any knowledge about cryptocurrency.

In the meantime, recently, Bitcoin has been adopted by the Central African Republic to be a legal tender. As this move has been taken, the citizens of the country are legally permitted by it to utilize Bitcoin just like the franc is used by them.  The African nation also developed a regulatory agenda to administer the usage of cryptocurrency.