65% of Salvadorans reject the Bitcoin Law, says poll

Key facts:
  • More than 70% of respondents would not accept bitcoin payments.

  • As of today, more Salvadorans would prefer to return to the colón than to adopt bitcoin.

Less than a week to go before the Bitcoin Law comes into force, which gives legal tender status to the main cryptocurrency on the market. Meanwhile, the majority of Salvadorans appear to be against the law, according to a poll conducted by the research division of La Prensa Grafica, a local media outlet.

The research, published Thursday, September 2, states that 65% of those consulted disapprove of the use of bitcoin (BTC) as a currency in the Central American country, a measure that will go into effect next Tuesday, September 7. The survey counts the opinion of more than 1,500 people in different areas of the Salvadoran territory.

The percentages of disapproval are even more dramatic when asked if they would accept payments with bitcoin: more than 72% responded negatively to this question.

In contrast to the negative, only 23% of respondents said they agreed with the approval of the regulation, the first of its kind in the world, which turns bitcoin into money in El Salvador. Although there are few, those who would accept BTC as payment consider that it is just another form of money, so they would not see it as something particularly complex.

Among the reasons of those who reject the law, the media highlights arguments that are often widely used by regulators, banks and traditional banking institutions to criticize bitcoin: they consider it insecure, prone to be used in scams and unstable.

In addition, respondents claimed to be unfamiliar with how the cryptocurrency works and referred to the lack of information about it.

Respondents also do not agree that there is more than one legal tender in the country. This is demonstrated by an overwhelming 76% of the participants of the survey, which also revealed that there are more people willing to re-adopt the colón (replaced 20 years ago by the dollar) than opt for bitcoin.

Although the rejection is high in general, it is more marked among people with a lower economic level (83% would not accept the cryptocurrency), while in the higher strata the refusal corresponds to only 64%. Also, women reject cryptocurrency more than men. The same goes for older people in contrast to younger ones, the poll revealed.

Protests against the Bitcoin Law in El Salvador

Since the passage of the Bitcoin Law, the government of El Salvador has been in the eye of the storm between bitcoiners and its detractors. Although the initiative has had a lot of external support, both from companies and influencers in the world of cryptocurrencies, at intere have been protests against the approval of the cryptocurrency.

In mid-July, for example, CriptoNoticias reported how various non-governmental organizations opposed to President Nayib Bukele questioned both the adoption of bitcoin and the way in which the law’s approval was handled.

Although these initiatives have not generated large street mobilizations, the results of La Prensa Gráfica’s poll seem to support that the rejection is general.

Meanwhile, the government remains on course for the Bitcoin Law to go into effect and has recently made public plans to have more than 200 bitcoin ATMs in the country. Bukele also revealed details about the Chivo wallet, developed by the government for BTC transactions in the country.