Home Crypto Crypto Backlash: Poll Shows That Salvadorans Are Confused by Bitcoin

Crypto Backlash: Poll Shows That Salvadorans Are Confused by Bitcoin

Most folks in El Salvador don’t help the federal government approving using Bitcoin (BTC) as authorized tender.

Nearly seven in 10 residents polled consider that the deputies of the Legislative Assembly will vote to repeal the nation’s new Bitcoin Law, which is scheduled to roll on September seventh, based on a survey performed by Central American University.

Key findings present that the backlash stems from a variety of fears.

  • 9 out of 10 Salvadorans have an imprecise understanding of Bitcoin or have no idea what it’s
  • Less than 20% confirmed curiosity in downloading the federal government’s e-wallet, dubbed Chivo, to conduct Bitcoin transactions
  • 7 out of 10 Salvadorans declare to have little or no confidence in Bitcoin

The damaging polling comes on the heels of public protests.

Banners learn “Veterans and former combatants demand that President Bukele respect the establishment and the advantages of regulation” and “The working class rejects cryptocurrency. No to Bitcoin.”

Citizens are confused by and afraid of the world’s hottest cryptocurrency. Many are involved that BTC’s fluctuating worth in relation to US {dollars} may negatively affect their pensions, whereas different residents consider Bitcoin will facilitate cash laundering.

Despite these shows of resistance, lawmakers additionally allocated $150 million to facilitate the nation’s transition to twin use of Bitcoin and its present forex, the US greenback.

El Salvador is the world’s first nation to acknowledge BTC as authorized tender.

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Featured Image: Shutterstock/Iaroslav Neliubov

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