Home News Most El Salvador citizens are skeptical of making Bitcoin legal tender

Most El Salvador citizens are skeptical of making Bitcoin legal tender


Only 20% of El Salvadorians approved the initiative of President Nayib Bukele to recognize Bitcoin as a means of payment. These are the findings of the Disruptiva researchers.

The poll, which was attended by 1233 citizens of the country, was conducted in the first week of July.

The poll showed that more than three quarters of Salvadorans are skeptical about their leader Nayib Bukele’s ambition to make cryptocurrency the second legal tender in the country. Less than 20% approved the legalization of Bitcoin. 24% called it “only to some extent correct” and about 54% of people consider this decision “completely wrong”. The survey also showed that 46% of respondents “know nothing” about Bitcoin. With almost 65% of citizens saying that they “will not be open” to cryptocurrency transactions.

We also note that 65% of respondents answered negatively when asked about their willingness to receive a salary in digital gold. 16% agreed.

El Salvador has used only the US dollar as its national currency for many years. But it was the first country to decide to legalize Bitcoin. “This is a risky bet on digital transformation”, Oscar Picardo, CEO of Disruptiva, summed up at an event dedicated to the results of the survey.

Thus, according to the head of the Institute of Technology and Innovation Disruptiva Oscar Picardo, such a survey shows that the majority of citizens are not ready to accept Bitcoin. And the digital transformation in El Salvador may not go as expected by the authorities.

The opposition even called the legalization of digital gold unconstitutional.

The initiative also didn’t find a response among local money transfer services – only a few have integrated support for Bitcoin.

Bitcoin-wallet Chivo

Recall that at the end of June, Bukele announced the distribution of $ 30 in the first cryptocurrency to every adult resident of El Salvador.

The president’s initiatives also include the creation of a national Bitcoin-wallet, Chivo. Chivo is a Bitcoin-wallet where you can store coins and use them for payments. The President of El Salvador himself pointed out that no commission charged for using the wallet. At the same time, according to the president, the Chivo Bitcoin-wallet is compatible with other similar applications and will not become mandatory for use.

Popularization of cryptocurrency

It is worth recalling that the Bitcoin law passed on June 9th. And is set to take effect on September 7th.

According to Nayib Bukele, BTC should help the country’s economy develop and attract new investments. In addition, the authorities want to slightly reduce dependence on the US dollar.

According to statistics, at least 70% of the country’s citizens still cannot use banking services. Therefore, perhaps, the authorities would first need to develop a standard banking structure in the state. And then implement Bitcoin as a means of payment.

At the same time, the President’s aspiration is quite understandable. Now countries are fighting for the attention of investors more and more fiercely. Therefore, such a largely marketing step may turn out to correct in the long run. Note that such a survey is an excellent indicator of how little people know about cryptocurrencies and Bitcoin in particular in many countries.

And such a bold step by the President of El Salvador could become another catalyst for the process of recognizing Bitcoin in the world.

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