El Salvador has legalized Bitcoin, but the country’s low acceptance rates show that people still have a hard time getting on board with cryptocurrencies.
El Salvador’s 2021 adoption of Bitcoin as legal money was a watershed moment in the country’s transition to a decentralized monetary system. Though the government has launched promotional efforts and initiatives, the percentage of cryptocurrency acceptance in the nation is shockingly low.
A new survey from CoinGecko indicates that only 1.72 percent of El Salvadorian residents own Bitcoin, despite the country’s pioneering decision to recognize Bitcoin as legal cash.
El Salvador is alone among nations actively using cryptocurrency as legal cash, according to research released on December 7. Nevertheless, it seems that the Salvadoran population has not completely accepted digital money, as shown by the low adoption rate.
There are 6.36 million people living in El Salvador, but according to Triple-A data, only 109,175 of them hold Bitcoin. In other words, just a tiny fraction of the population is really using cryptocurrency.
El Salvador is ranked 55th on the worldwide index for crypto acceptance, according to the research. The country seems to be falling behind other countries, including ones that have restricted crypto activity, based on this.
Rumor has it that 4.08 percent of Chinese residents hold cryptocurrency, despite the country’s restrictions on the market. El Salvador’s low adoption rate is striking in comparison, despite the government’s support for cryptocurrency.
The government of El Salvador is still determined to encourage the use of cryptocurrency, no matter how difficult it becomes. The government’s new citizenship-by-investment scheme just went live, giving permanent residence and citizenship to anybody who puts $1 million into Bitcoin or Tether within the country.
Also Read: The United States, Japan, And South Korea Gather For A Tripartite Crypto Meeting
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