El Salvador’s Bitcoin BTC -0.17% adoption experiment has failed, according to new research released by the National Bureau of Economic Research (NBER).
The NBER survey showed that more than 60 percent of respondents abandoned the government’s Chivo wallet after using the $30 bonus. 89% of El Salvadorans have never received a remittance with the help of the app (only 3% of respondents received Bitcoin).
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99% of respondents have never paid taxes in Bitcoin. In addition, the survey revealed that most Salvadorans have never used Chivo ATMs installed across the country.
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