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El Salvador

Embarrassing stats for El Salvador on Bitcoin Usage

Studies have shown that just 3.6% of Salvadoran businesses agree that Bitcoin has caused an increase in sales since it became a legal tender six months ago. Following reports from the Chamber of Commerce in El Salvador, only 13.9% of companies have completed a BTC transaction since last September. 

Overall, 4.7% of those polled said Bitcoin has caused complications for their business — or had even caused sales to fall. Meanwhile, 91.7% said BTC had made no difference whatsoever to their operations. 

The numbers from these reports may seem a bit embarrassing for President Nayib Bukele, who firmly made claims and believes that cryptocurrency can transform the country’s economy.

RELATED: El Salvador President Bukele remains Bullish on Bitcoin despite bear dominance

Delays for “volcano bonds”?

El Salvador

However, the Central American Republic of El Salvador had been long due to release its highly anticipated volcano bonds between March 15 and 20. They aim to raise $1 billion — with $500 million set out for the construction of Bitcoin City, and the remaining $500 million will be directly invested into BTC. 

The so-called “volcano bond” was met with a lot of mixed reactions amongst Salvadorans following its announcement by President Nayib Bukele.

According to the Financial Times, the bond has drummed up much interest — with $1.5 billion in demand reported so far. However, it appears that the invasion of Ukraine may have resulted in the sale being delayed, as El Salvador joins other countries in grappling with supply shocks.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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