Camarasal survey shows entrepreneurs worry about Bitcoin law in El Salvador – Economy Bitcoin News

Camarasal, a well-known business association in El Salvador, announced the results of a survey conducted this month. The survey shows that almost 100% of Salvadorans are concerned about the implementation of the recently passed law on the allocation of bitcoins. Most criticize the mandatory nature of receiving Bitcoin payments and do not expect this move to attract any investment into the country.

Camarasal Survey Reveals Concerns About Bitcoin Tendering Law Implementation

A brief survey by Camarasal, one of the largest business groups in El Salvador, shows that people have deep concerns about the future application of Bitcoin law. The survey received more than 1,600 responses from entrepreneurs and non-entrepreneurs in just four days. Camarasal President Jorge Hasbún commented on the massive turnout:

We believe this excellent response reflects the urgency of this issue for Salvadorans, in terms of the impact it will have on the family economy on a day-to-day basis.

More than 96% of business owners surveyed prefer the optional use of Bitcoin for payments. The Bitcoin Tendering Act forces entrepreneurs to accept Bitcoin for payments as long as the entrepreneur manages the technological infrastructure for it. Likewise, 45.3% said they were concerned that cryptocurrency was required to circulate in the country; 35.9% stated that this aroused suspicion.

In addition, most entrepreneurs do not keep the bitcoins they receive as payment for their goods and services: 51.6% of them responded that they would exchange the bitcoins they received for dollars. Bitcoin is also a fairly volatile asset, and that scares entrepreneurs working with tight margins.

Non-entrepreneurs are also skeptical about Bitcoin

Camarasal also surveyed non-entrepreneurs, but the answers were not optimistic either. About the use of Bitcoin as a medium of exchange, 36% said they were concerned and 39% said they distrusted it. The topic of wages and transfers was also included in the survey. El Salvador is a remittance-heavy country, accounting for 23% of GDP, according to the AP. 93.2% said that they do not want to receive their salary in cryptocurrency, while 82.5% assured that they are not interested in transfers in Bitcoin.

Salvadorans are still lacking training on Bitcoin and its management, and that could be the key to these less than optimistic answers. Camarasal Vice President Carmen Alas stated:

Broad consultation with an interdisciplinary group representing the sectors involved is essential in drawing up the rules that will make this law effective

What do you think of the recent Camarasal survey in El Salvador? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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