Survey: Bitcoin Still Not Favored By 70% Of Salvadorans

Survey: Bitcoin Still Not Favored By 70% Of Salvadorans

According to a recent study, a majority of 70% of Salvadorans polled were not happy with the new Bitcoin law and did not want to participate in BTC transactions. 

Citizens Not On Board With Bitcoin Legislation

The poll was conducted by the José Simeón Cañas Central American University (UCA) with a sample audience of 1281 citizens. The study revealed that 7 out of 10 Salvadorans would like lawmakers to repeal the legislation that will make BTC legal tender from September 7. Additionally, 2 out of 10 people surveyed also said that they did not trust Bitcoin, and a considerable 43% of Salvadorans believed that the country’s economy would worsen with Bitcoin legalization. 

UCA Dean Andreu Oliva spoke on the matter,

“What we can see in this survey, in addition to this broad rejection of Bitcoin as legal tender, is that for the first time we found a significant disagreement between the population and decisions being made by the Legislative Assembly and the president.”

The general mistrust in the new BTC legislation has been brewing in the country for quite a bit. The results of the recent study are in accordance with other polls conducted earlier. For example, according to a survey commissioned by the Center for Citizen Studies (CEC) at Francisco Gavidia University (UVG), over 75% of Salvadorans viewed the move as not a wise decision. Furthermore, less than 13% of respondents believed that the policy was smart move by the government.  

Protests Against BTC Legalization

The negativity among the citizens is shocking, considering there are only five days left till BTC officially becomes legal tender in El Salvador. According to many experts, rampant misinformation among the masses is causing them to view the crypto through a suspicious lens. Despite the country’s finance minister Alejandro Zelaya clarifying that the use of BTC would not be mandatory, a handful of protests have spread out across the nation. This could be highlighting an inherent mistrust in the government nurtured by the citizens. Most of them view the decision as lacking in accountability and a rushed attempt to push the agenda of the President. 

According to Father José María Tojeira, Director of the Human Rights Institute at the University of Central America, the technical capacity required to access BTC is still out of reach for most of the country. He also condemned the lack of structural changes necessary to help impoverished people before implementing a decision of this scale. 

Government Ready For Sept 7 Launch

Despite the pessimism stewing among the masses, the government of El Salvador is moving full steam ahead with its BTC legalization process. President Nayib Bukele recently announced the launch of the Chivo wallet app and other infrastructure, which will ensure smooth BTC transactions, conversions, including sending remittances from abroad, as well as deposits and withdrawals. In addition, Congress has recently approved a $150 million budget to provide financial support to the initial leg of the process. With less than a week left, it looks like the official adoption is going to happen as planned as the government is not showing signs of taking into account the negative public consensus.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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