El Salvador: 70% of residents are against the adoption of Bitcoin (BTC) as legal tender

Salvadorans still oppose Bitcoin (BTC) legislation

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

43% of those surveyed believe that the adoption of 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 Under these conditions, 7 out of 10 Salvadorans want the Bitcoin law to be repealed by the Legislative Assembly, the survey conducted in August points out.

“What we can see in this survey, in addition to this general rejection of Bitcoin as legal tender, is that for the first time we have seen a significant disagreement between the population and the decisions made by the Legislative Assembly and the president,” says Andreu Oliva, dean of the 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 $3800, El Salvador is one of the poorest countries in the Americas.

Unsurprisingly, the Chivo digital wallet, which will provide a $30 reward in Bitcoin, has not been met with enthusiasm by the population. Indeed, 65.2% of those polled are not at all interested in installing the wallet.

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

On the same topic – JPMorgan fears El Salvador’s adoption of Bitcoin (BTC) could saturate the blockchain

90% of El Salvadorans admit to not understanding Bitcoin (BTC)

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

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

Note that in June, 46% of residents said they knewnothing ” about Bitcoin. The proportion of residents who do not know anything about the digital currency has therefore dropped considerably thanks to the communication campaign implemented by the government.

The adoption of Bitcoin has caused a wave of discontent throughout the country. In some areas, openly anti-digital currency protests have broken out. Mario Gomez, a well-known 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 currency as of September 7, 2021. In the face of criticism, however, Nayib Bukele has clarified that the use of the cryptocurrency will not be mandatory. Nevertheless, he encourages all Salvadorans to turn to the nation’s new legal tender.

Going further-El Salvador creates $150 million Bitcoin (BTC) trust to facilitate exchanges

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About the author: Florian Bayard

El Salvador: 70% of residents are against the adoption of Bitcoin (BTC) as legal tender