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

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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.

Bloomberg’s material

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.

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