Only 40% of El Salvadorans have downloaded the Chivo Wallet as almost all of them did that last September, the NBER estimated.
conducted by the NBER revealed that most locals remain rather negative towards the bitcoin adoption. The research stated that 68% of the country’s residents are aware of the existence of Chivo Wallet, but only 40% have downloaded it. Moreover, almost all downloads occurred in September last year .
The NBER further estimated that 75% of the respondents with Chivo Wallet accounts would not have downloaded it without the $30 worth of BTC, which every citizen receives when signing up. “While most respondents spent their $30 bonus, less than half of those who downloaded Chivo Wallet continued to use it after spending the bonus – 20% of all respondents. Furthermore, most users who used Chivo after spending the $30 bonus do not engage with the app intensively,” the organization claimed.
Subsequently, the NBER argued that adopting bitcoin as legal tender might have had some positive impact on El Salvador, but the digital asset remains largely not embraced by the locals:“Overall, despite the legal tender status of bitcoin and the large incentives implemented by the government, the cryptocurrency is largely not an accepted medium of exchange in El Salvador.
For one, shortly after the decision to accept it as legal tender, the global Google searches with the name of the small Central American countryApart from showing virtual interest in the nation, people started visiting it more than before. Earlier this year, El Salvador’s Minister of Tourism – Morena Valdez –SPECIAL OFFER
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