Survey reveals, nearly 68% Salvador citizens oppose Bitcoin (BTC) adoption

By Sunil Sharma
Is El Salvador Scaling Back Its Bitcoin Ambitions With IMF Deal?

A recent poll by the Central American University (UCA), a Jesuit university based in El Salvador, revealed that the majority of Salvadorans are against Bitcoin (BTC) legal tender adoption in the nation. While the massive 67.9% out of the 1,281 surveyed, had displayed strong disagreement with the use of bitcoin as a legal tender. At the same time, 32.1% of citizens were merely okay with the decision.

Advertisement
Advertisement

The majority in Salvador is Discontent

UCA’s survey results conveyed extreme discontent of the citizens with the upcoming BTC legal tender in El Salvador. Where 9 out of 10 people remained uncertain about Bitcoin as a concept, and 8 out of 10 expressed distrust in the utilization of Bitcoin as legal tender. On average, 7 out of 10, discredited the policymakers’ decision and advised to revoke the BTC legal tender law.

“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,” Reuters cited the UCA dean, Andreu Oliva.

Advertisement
Advertisement

Salvador citizens worried about economic polarization

People are not only concerned about BTC use in daily life and grasping a functioning understanding of the system. Instead, Salvadorans are worried that BTC legal tender adoption may lead to increased economic polarization in the nation. The poll conveyed this issue and Salvador’s common man worries about the rich becoming rich and poor degrading furthermore after the BTC legal tender implementation. The people said that they think the main beneficiaries of this project will be the already wealthy and prosperous, such as foreign investors, the government, and business leaders.

“There is a lot of concern about the possible negative effects of using bitcoin,”, Oliva added.

While the public continues to disagree with BTC’s legal tender, El Salvador’s government is in the fifth gear to implement the crypto adoption. In the latest update, the nation’s legislative assembly announced that it has approved a new Bitcoin Trust worth $150 million. The Bill is focused on converting Bitcoin to US Dollar, along with further supporting the crypto infrastructure in the country.

 

Advertisement
Sunil Sharma
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.