Most people in El Salvador do not support the government approving the use of Bitcoin (BTC) as legal tender.
Nearly seven in 10 citizens polled believe that the deputies of the Legislative Assembly will vote to repeal the country’s new Bitcoin Law, which is scheduled to roll on September 7th, according to a survey conducted by Central American University.
Key findings show that the backlash stems from a range of fears.
- 9 out of 10 Salvadorans have an imprecise understanding of Bitcoin or do not know what it is
- Less than 20% showed interest in downloading the government’s e-wallet, dubbed Chivo, to conduct Bitcoin transactions
- 7 out of 10 Salvadorans claim to have little or no confidence in Bitcoin
The negative polling comes on the heels of public protests.
Banners read “Veterans and former combatants demand that President Bukele respect the institution and the benefits of law” and “The working class rejects cryptocurrency. No to Bitcoin.”
Citizens are confused by and afraid of the world’s most popular cryptocurrency. Many are concerned that BTC’s fluctuating value in relation to US dollars could negatively impact their pensions, while other citizens believe Bitcoin will facilitate money laundering.
Despite these displays of resistance, lawmakers also allocated $150 million to facilitate the nation’s transition to dual use of Bitcoin and its existing currency, the US dollar.
El Salvador is the world’s first country to recognize BTC as legal tender.
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Featured Image: Shutterstock/Iaroslav Neliubov