Shocking Majority Of El Salvador Citizens Skeptical Of Bitcoin As Legal Tender, New Survey Shows

In a relatively big survey of 1,233 people in El Salvador, pollster Disruptiva made some interesting discoveries. The survey found that most of the citizens in El Salvador disapprove of the government’s recent move that made bitcoin legal tender alongside the U.S. dollar.

54% Of Salvadorans Distrustful Of Government’s Bitcoin Adoption

A few weeks ago, El Salvador president Nayib Bukele surprised the world when he announced during the Bitcoin 2021 Miami conference that the Central American state would make bitcoin legal tender. Days later, El Salvador made history and passed a law officially implementing Bukele’s promise.

Notably, Bukele’s bitcoin legislation has been met with skepticism from economists like Steve Hanke and global financial institutions, including the International Monetary Fund (IMF) and the World Bank that voiced their concerns and refused to provide assistance.

Surprisingly, most Salvadorans are also apprehensive about the bitcoin move. Disruptiva’s survey conducted between July 1-4 indicated that approximately 54% of the respondents deemed the bitcoin law as “not at all correct”, a Reuters report on July 8 said. 24% of the respondents said the law was “only a little correct”, while only 20% applaud Bukele’s bitcoin adoption.

Disruptiva’s survey also found that 46% of Salvadorans know “nothing” about bitcoin. Besides, close to 65% of the citizens revealed they are not interested in crypto payments.

Commenting on these results, the head of Disruptiva’s institute of science and technology, Oscar Picardo, argued that the legalization of bitcoin as legal tender in El Salvador is a “risky bet for digital transformation”.

El Salvador’s Bitcoin Plans

The bitcoin decree is expected to become effective on September 7, per Bukele’s announcement in June. As such, El Salvador looks poised to be the first nation to enact such legislation. All adult citizens will be given $30 worth of bitcoin with the rollout as long as they download the state-sponsored crypto wallet Chivo.

Worth mentioning that there has also been opposition to the plan from within the country. Case in point, the deputy of the country’s opposition party filed a lawsuit late last month on the grounds of the bitcoin law being unconstitutional.

Additionally, some critics have alleged that the changes being introduced would make bitcoin payments mandatory. In response, however, Bukele clarified that the use of bitcoin would be completely optional.

Given the good number of Salvadorans who don’t even know what bitcoin is about, the government needs to educate its citizens about the new law and how it will impact their daily lives if the ambitious BTC endeavor is to succeed.