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Poll shows Most Salvadorans are not happy with new Bitcoin Law

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Indrani bose Follow

INDIA

Sep, 03 2021

Sep, 03 2021

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On Thursday a poll conducted by the Central American University (UCA) reflects that most Salvadorans are against the government's decision regarding adoption of bitcoin as legal tender. Many Salvadorans were also found unaware of usage of the digital currency and not trusting the project.

In June President Nayib Bukele announced a plan of the government to formalize the cryptocurrency as legal tender in El Salvador on Sept. 7. Just before the plan getting executed a the study was issued by UCA. Bukele and his government have conducted the measure to boost jobs and economic development by making El Salvador less reliant on U.S. dollars, the current legal tender.

Survey result

 As per poll took place between August 13 and 20 just 1,281 people were surveyed out of which at least 67.9% disagreed or strongly disagreed for the use of bitcoin as a legal tender. Just over 32% of people said they agree on some level. In August carried out UCA's poll showed that 9 out of 10 people did not have a clear understanding of bitcoin, and 8 out of 10 said they had little or no confidence in its use.

Most people, 7 out of 10, thought lawmakers should repeal the law that makes it legal tender. The study also reflects that there was little interest in the government’s Chivo crypto wallet or the free $30 in BTC airdrop. 5.5% found interested in it while 65% answered that they were not interested in using the wallet.

 

The survey also reflect that most Salvadorans think the main beneficiaries will be the wealthy, foreign investors, the government and business leaders. Salvadorans were also surveyed based on the use of Bitcoin and whether it should be mandatory or voluntary for the population. 96% of population found preferring voluntary.

University for social change dean Andreu Oliva said "What we can see in this survey, in addition to this broad rejection of the implementation 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,".

In June, The World Bank said due to environmental concerns and transparency drawbacks it could not assist El Salvador’s Bitcoin implementation. Late last month to voice opposition to the new law many protestors took to the street.


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Indrani bose

CBW - External Analyst

INDIA

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