Most of El Salvador does not approve of Bitcoin as legal currency
On the 7th, Bitcoin is established as legal tender in El Salvador. Many Salvadorans do not trust its use due to mistrust or ignorance.
That El Salvador is going to implement Bitcoin as legal tender will make all businesses and services nationwide have to adopt cryptocurrency payment methods. A few days after the coin arrives artificially, the majority of the country does not approve of its use, for different reasons.
El Salvador does not trust or understand Bitcoin, and does not want it
According to a survey of more than 1.200 Salvadorans, 67,9 percent said they do not agree or strongly disagree with the use of Bitcoin as legal tender in El Salvador. Just over 32 percent of people said they agree on some level, which is not fully supportive. The survey also showed that:
- 9 out of 10 people did not have a clear understanding of Bitcoin
- 8 out of 10 said they had little or no confidence in its use.
- 7 out of 10 think that legislators should repeal the law that makes it legal tender.
Here it is seen that there is a clear difference between what citizens think and a decision made by their politicians. The government did not immediately respond to a request for comment on the survey. President Nayib Bukele and his government have presented the measure as a way to boost employment and economic development by making El Salvador less dependent on U.S. dollars than the country's current legal tender since the U.S. currency it is much more used than the national currency.
The survey also showed that the majority of Salvadorans think that the main beneficiaries of El Salvador approving Bitcoin as legal currency will be the wealthy, foreign investors, the government, and business leaders. There is a lot of concern in the country about the effects of the implementation of a cryptocurrency as legal currency, among which are its stability, the infrastructure necessary for all stores to accept it, and its environmental cost.
Source: gadgets360
