El Salvador rules out ‘bitcoin as salaries’ concept PlatoBlockchain Data Intelligence. Vertical Search. Ai.

El Salvador rules out ‘bitcoin as salaries’ concept

El Salvador rules out ‘bitcoin as salaries’ concept PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The government of El Salvador seems to be bowing to public pressure in ruling out the notion of bitcoin salaries following the legalization of the most popular cryptocurrency as a legal tender in the country.

This, along with other internal concerns could put a snag to the plan of President Nayib Bukele to launch a bitcoin-powered society following his historic decision involving the top crypto.

Yesterday, the labor chief of the Salvadorian government was set to engage in a debate regarding the possibility of companies in the state paying employees in bitcoin rather than in U.S. dollar.

This led to a public outcry, ultimately forcing the official to dial back on his statements and instead said the matter would now be determined by the government’s finance officials.

A lukewarm reception

According to the publisher of El Diario de Hoy newspaper, ElSalvador.com, the Salvadorian Chamber of Commerce conducted a survey and found out that bitcoin might be in for a lukewarm reception in the country.

A combination of business players and ordinary civilians were interviewed during the survey and 93% of workers that responded said they don’t want their salaries to be paid in crypto. Meanwhile, 82.5% said they are not interested in receiving their remittances in bitcoin either.

The report, however, did not mention how many respondents participated in the survey.

U.S. dollar popularity strong as ever

The same survey asked respondents what they would do if they were to receive payments in bitcoin. Over half of them said they would immediately convert tokens into USD.

This response implies that although El Salvador made headlines for the past few days because of bitcoin, the dollar remains popular among its residents.

Meanwhile, only 11% of the entrepreneurs who participated in the survey said they expect bitcoin adoption to bring investment to their country.

Image courtesy Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/el-salvador-rules-out-bitcoin-as-salaries-concept/

Time Stamp:

More from BitcoinerX