Bitcoin regulation as a legal tender arrived in El Salvador amid high expectations, but most businesses asked in a recent poll affirm they didn’t notice much impact.
came into effect. Over 90% of the companies indicated that Bitcoin adoption in the country had little impact on their sales.
Seventy-one percent of the companies polled were micro or small businesses, 13% classified as medium-sized enterprises and 16% were large companies. While the low adoption rate may appear underwhelming at the surface, El Salvador has been on the U.S. dollar standard2001. Unlike the currencies of other emerging economies, El Salvador’s primary medium of exchange is not prone to exchange-rate volatility. Even in this environment, more than one-in-ten businesses in the country reported Bitcoin usage over a five-month period.
Salvadoran President Nayib Bukele has put Bitcoin near the center of his economic growth strategy even as institutions like the International Monetary Fund and Moody’s Investors Service have warned against embracing the flagship cryptocurrency. In January, Moody’s analyst Jaime Reusche opined that Bukele’s Bitcoin gambit could
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