• An NBER study found that El Salvador adoption was unsuccessful.
• Many Salvadorans never used Chivos ATMs which were placed throughout the country.
• Ripple’s Director of Public Policy says about El Salvador, “It’s a country to watch with lessons to be learned and applied to other jurisdictions.”

Recent research shows that Bitcoin adoption in El Salvador has not taken off. This research was conducted by the National Bureau of Economic Research, an American non-profit research organisation.

As a result, more than 60% of respondents dumped the government’s Chivo wallet after using the $30 bonus. The app has been used by 89% of Salvadorans, while only 3% received them in Bitcoin. However, 99 percent of the respondents did not settle taxes using Bitcoin.

A further 60% of people did not use the Chivo wallet. Although most citizens have access to the internet via their smartphones, 60% of them did not download Chivo wallet. Furthermore, Salvadorans are not familiar with Chivo ATMs which were available throughout the country.

The majority of Chivo users have remained largely unchanged in their use of credit, debit and cash after they downloaded the Chivo wallet.

On the other hand, Ripple’s Director of Public Policy and Vice-Chair of Blockchain for Europe Susan Friedman, says:

It’s is an experiment in progress. It’s a country to watch with lessons to be learned and applied to other jurisdictions.

Much hype caused El Salvador to adopt Bitcoin as its legal currency in September 2021. Since that time, no other country has adopted Bitcoin as legal tender. Recently, it was reported that Bitcoin has become legal tender in the Central African Republic.

Nayib Bukele was known for tweeting about poor-timed Bitcoin trades. As he posts photos of handcuffed gang members, he’s mostly quiet about cryptocurrency.

El Salvador entered a state-of-emergency in March as a result of gang violence. Bukele pulled out of the Bitcoin 2022 conference at Miami earlier this month.

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