Thursday, 17 June 2021 14:59

Bitcoin circulation in El Salvador generates concern among consumers and businessmen

Written by Alondra Gutiérrez

With the approval of the Bitcoin Law on June 8 in the Legislative Assembly, the Cámara de Comercio e Industria de El Salvador launched a survey among its members, businessmen in general and consumers to know the expectations of the productive sector regarding the implementation of the cryptocurrency.

The results of this quick consultation were presented at a press conference, the activity was led by the president of the Cámara de Comercio e Industria de El Salvador (CAMARASAL), Jorge Hasbún; the vice president of the guild, Carmen Irene Alas; and the coordinator of the Directorate of Economic Affairs of the institution, Karla Méndez.

"The participation in the survey was massive, and in 4 days of being open, we collected the impressions of more than 1,600 people, which are the results that we are going to share with you in this opportunity. We believe that this excellent response is a reflection of how urgent this issue is for salvadorans, in the sense of the implications it will have for the family economy on a daily basis", explained the President.

The results of the survey were presented by the vice president of the guild, who explained that this was shared with the base of members of the Chamber, as well as among participants in virtual events to the guild. Of those who responded to the survey, 43% are entrepreneurs and 57% identified themselves as non-entrepreneurs.

Among the entrepreneurs, 77.3% indicated that they were micro and small companies; and 22.7%, medium and large companies. This group expressed great concern about the implementation of Bitcoin, especially because of its mandatory nature, and 96.4% indicated that they prefer to make its use optional. Similarly, 45.3% said they are concerned about the mandatory circulation of the cryptocurrency in the country, while 35.9% said it generates distrust.

Participants were also asked what they will do once they receive payments in Bitcoin, and 51.6% stated that they would exchange it into dollars for current expenses. Businessmen were also asked about their expectations regarding the changes that the implementation of the cryptocurrency would bring, to which only 10.9% indicated that it would bring investment to the country.

16.6% said that things will remain the same; while 47.8% said that the implementation will not attract investment, will not generate employment and will not improve the economy.

In the segment of citizens who are not entrepreneurs, according to the study conducted, they were also asked if they agreed with the use of Bitcoin being mandatory, and 92% responded that they did not agree, and that they would prefer to have the option of deciding whether to use it or not.

In the case of the use of the currency to buy and sell in El Salvador, 36% said that it worries them, 39% said that it gives them distrust and only 3.5% indicated that it gives them hope.

The issue of salaries and remittances was also addressed, and 93.2% said they do not want to receive their salary in the cryptocurrency, while 82.5% said they are not interested in receiving their remittances in Bitcoin either.

As for the reason they give for not being interested in receiving their payments in this modality, the answers are repeated: they do not know how Bitcoin works and fear the volatility of the currency.

They informed that the survey will remain open for the rest of the month of June, in order to know how the opinion and doubts of salvadorans evolve as the implementation of the law approaches and that, as established in the document, training and information is provided by the authorities.