14% of Salvadoran businesses transact in BTC
Most companies stated that the legalization of bitcoin in the country did not affect their sales revenue
20.03.2022 - 07:30
346
1 min
0
What’s new? 14% of businesses in El Salvador use bitcoin to make transactions, Bloomberg reports. According to a survey conducted by the state-owned Chamber of Commerce, more than 90% of companies stated that the adoption of bitcoin as a means of payment had no impact on their revenue. Of the 337 companies surveyed, 71% were classified as small enterprises, 13% as medium-sized, and 16% as large.
How is El Salvador evolving? Despite the weak adoption of bitcoin by citizens, Finance Minister Alejandro Zelaya claims that the country continues to adhere to its course of development.
El Salvador will issue its first bitcoin bonds in March, all profits from which will go to the development of mining. The local media have also reported that the country’s tourism industry has grown by more than 30% since bitcoin legalization.
The law on the recognition of bitcoin as legal tender in El Salvador came into force in September 2021. Since then, El Salvador has been actively buying the cryptocurrency, with the country’s reserve now standing at 1081 BTC, valued at $75,1 million at the rate on March 19.
Useful material?
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Mining
Along with this, the company will reduce non-mining business units
Nov 8, 2024
Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024