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Survey Findings Suggests El Salvador Citizens Skeptical of Bitcoin as Form of Legal Currency

UTC by Juhi Mirza · 3 min read
Survey Findings Suggests El Salvador Citizens Skeptical of Bitcoin as Form of Legal Currency
Photo: Depositphotos

While the president of El Salvador has been quite accommodating with the new cryptocurrency development in the country, the citizens have expressed their concerns and are reluctant to adapt to the newest financial regime.

According to the new survey conducted by the authorities to know the views of its citizens regarding Bitcoin, half of El Salvador citizens have expressed their growing concerns over Bitcoin being made a legal tender in the country and have subdued President Nayib Bukele’s plan to make crypto legal in the process.

The survey which was conducted between July 1st to 4th July had 1233 people participating across El Salvador in which 20% of the total people have conveyed a sense of skepticism to the bitcoin adoption plan of the country.

El Salvador Citizens Convey a Reluctant Stance over Bitcoin Adoption as a Legal Tender

According to Reuters, the poll conducted in July had brought forth some critical findings in its wake. According to the poll results, it was found that 54℅ People were against bitcoin adoption and voted as “not at all favorable” whereas 24℅ people described the adoption plan as “only little correct”

Similarly, the other half that constitutes 46℅ of the poll expressed that they do not know much about the Bitcoin revolution and around 65℅ voted that they were not very acceptable for BTC to be made as a legal tender in the country.

The poll was organized by researcher Disruptiva which is affiliated with Francisco Gavidia University. The poll is said to have an error margin of 2.8℅ and had highlighted some of the key findings of El Salvador Citizens to have Bitcoin made into a legal tender in the country.

The country had recently passed a new rule in June making Bitcoin and other crypto proceedings legal in the nation. The president of El Salvador Nayib Bukele had expressed his intention to make El Salvador a hub for crypto mining and payments. The authorities had also launched a Bitcoin Wallet called Chivo to encourage people to invest their stake in crypto.

The El Salvador President had also ensured that the wallet will not incur any nominal fee to conduct transfers within the region and is a user-friendly wallet to be used in routine proceedings. He further clarified that the wallet will later be eligible for an airdrop worth $30 in BTC.

While the president of El Salvador has been quite accommodating with the new cryptocurrency development in the country, the citizens however have expressed their concerns and are reluctant to adapt to the newest financial regime. It is to be noted that half of the El Salvador citizens have no access to common financial services. The poll has been deemed as a rather small development in the process and people are yet to see the power that bitcoin holds once it becomes functional in the nation as a legal tender.

Bitcoin News, Cryptocurrency news, News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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