This article is from es.cointelegraph.com and the original article can be read here
The US National Bureau of Economic Research carried out a study and analysis to account for the percentage rate of people who actually use the Chivo Wallet in El Salvador.
After the creation and the approval of the Bitcoin Law in El Salvador, The National Government created the digital wallet “Chivo Wallet” last year in order to offer Salvadoran citizens an app to make payments in dollars or bitcoin (BTC).
Despite the fact that in its beginnings the creation of the wallet had a boom in the country as well as the approval of the legal use of bitcoin, the Chivo Wallet has been losing strength and users according to a report by the US National Bureau of Economic Research.
According to the web portal “Noticias Ve”, said report states that 6 of 10 people came to download the application and only 4 of them continued to use it after receiving USD 30 in BTC for free. It is worth remembering that to encourage its use, the president of the nation, Bukele, offered this amount in order to incorporate citizens into the crypto environment.
Likewise, it also reported that the highest percentage of digital wallet downloads took place in September 2021 and was 40%, while downloads this year have been minimal.
Of this same percentage, only 2 out of 10 people have used the app to carry out daily activities such as paying taxes. And only 1 of those 10 have decreased their use of cash and credit/debit cards.
According to the investigators of this case, the main reason for the decline of the Chivo Wallet is the mistrust of these new financial methods. “The most important reason for not downloading the app, on condition of knowing, is that users prefer to use cash, which was followed by trust issues: respondents did not trust the system or bitcoin itself,” shared News See what the researchers said.