70% of residents are against adopting Bitcoin (BTC) as legal tender

Salvadorians Still Oppose Bitcoin (BTC) Law

According to a survey conducted by the University of Central America (UCA), 67.9% of residents of El Salvador disagree, or strongly disagree, with the adoption of Bitcoin (BTC) as legal tender. Of the 1,281 people polled, only 32% said they agreed to some level with the measure.

43% of respondents believe that adopting the digital currency will worsen the economic situation in El Salvador. In detail, 54.3% of the population expects the price of everyday products to increase after the adoption of Bitcoin. Under these conditions, 7 out of 10 Salvadorans want the Bitcoin law to be repealed by the Legislative Assembly, underlines the survey carried out in August.

“What we can see from this survey, in addition to this general rejection of Bitcoin as legal tender, is that for the first time we have seen significant disagreement between the population and the decisions made by the Legislative Assembly. and the president, ”says Andreu Oliva, Dean of UCA, in a Reuters article.

According to World Bank data, 22.8% of the country’s population lives below the poverty line. With an average annual income of $ 3,800, El Salvador is one of the poorest countries in the Americas.

Unsurprisingly, the Chivo digital wallet, which will earn a reward of $ 30 in Bitcoin, has not aroused public enthusiasm. Indeed, 65.2% of respondents are not at all interested in installing the wallet.

This poll confirms a survey carried out by the Disruptiva polling institute in June. Shortly after President Nayib Bukele’s announcement, less than 20% of Salvadorans said they approved of the arrival of this new legal tender.

👉 On the same topic – JPMorgan fears that the adoption of Bitcoin (BTC) in El Salvador could saturate the blockchain

90% of Salvadorans admit they don’t understand Bitcoin (BTC)

The poll suggests that the rejection of the Bitcoin law is in part the result of a lack of understanding of cryptocurrency. According to the study, 70% of individuals surveyed claim to misunderstand digital currency. 20% of respondents even admit not knowing what bitcoin is.

“9 out of 10 Salvadorans do not have a clear knowledge of what this financial asset is”, summarizes the survey.

Note that in June, 46% of residents claimed to “know nothing” about Bitcoin. The proportion of inhabitants who do not know anything about digital currency has therefore dropped considerably thanks to the communication campaign put in place by the government.

The adoption of Bitcoin has caused a wave of discontent across the country. In some regions, protests openly opposed to the digital currency have erupted. Mario Gomez, a famous activist opposed to President Bukele, was eventually arrested by police before being released a few hours later.

Despite the many critics of the project, Bitcoin will become El Salvador’s second legal tender from September 7, 2021. Faced with criticism, Nayib Bukele has however clarified that the use of cryptocurrency will not be mandatory. He nevertheless encourages all Salvadorans to turn to the nation’s new legal tender.

👉 To go further – El Salvador creates a trust of 150 million dollars in Bitcoin (BTC) to facilitate exchanges

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About the author: Florian Bayard

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