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Overwhelming Majority of Salvadoran Entrepreneurs Oppose Mandatory Bitcoin Acceptance

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Thu, 06/17/2021 - 17:49
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Alex Dovbnya
Only four percent of those surveyed support enforcing general Bitcoin acceptance
Overwhelming Majority of Salvadoran Entrepreneurs Oppose Mandatory Bitcoin Acceptance
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According to a survey conducted by the Chamber of Commerce of El Salvador, only a minuscule four percent of all entrepreneurs are in favor of mandatory Bitcoin acceptance, La Prensa Gráfica reports.  

39 percent of entrepreneurs believe that it would lead to mistrust.

In addition, almost half of those surveyed (48 percent) do not expect Bitcoin to improve the country’s economy by attracting new investment and creating new jobs.

Related
El Salvador Government Discussing Paying Salaries in Bitcoin
El Salvador’s recently passed Bitcoin law includes Article 7, which stipulates that “every economic agency” must accept the largest cryptocurrency.    

The coercion issue was viewed as “a fly in the ointment” in the landmark bill, with critics arguing that obligatory adoption goes against the ethos of the largest cryptocurrency.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.