A new survey revealed that up to three-quarters of El Salvadorans are skeptical about their president’s move to adopt bitcoin and make it a legal tender.
The study polled 1,233 people across the country between July 1 and 4 and its results show that only 20% of the respondents approved of the historic plan and eventual move of President Nayib Bukele concerning the largest cryptocurrency by market capitalization.
Disruptiva, an affiliate of Francisco Gavidia University, conducted the survey which has a margin of error of 2.8%. Based on the survey, 54% of the people involved viewed bitcoin adoption as “not all correct” while 24% described it as “only a little correct.”
Almost half of the survey participants, 46% to be exact, said they don’t know anything about bitcoin. Meanwhile, 65% of them were not open to the idea of being paid through the digital currency.
In light of this, Oscar Picardo, Head of Disruptiva’s Institute of Science, Technology and Innovation, said the adoption plan “is a risky bet on digital transformation.”
It can be recalled that on June 9, the new Bitcoin Law of El Salvador was passed and it is due to take effect on September 7, making the crypto a parallel official currency of the Central American nation. As part of its adoption program, the government unveiled a Bitcoin wallet called “Chivo.”
A means to an end
President Bukele has explained that the BTC adoption in his country is a means to facilitate remittance payments from citizens living overseas, lessening reliance on the U.S. dollar which has been its national currency since 2001.
Almost 70% of the population of El Salvador does not have access to bank accounts or any financial services and the country’s president saw bitcoin as a solution to this problem.
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