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Saturday, September 18, 2021

Residents of El Salvador refuse to accept Bitcoin (BTC)

On September 2, the Central American University of José Simeon Cañas (UCA) released a report that most Salvadorans took a stand against Bitcoin (BTC). The survey among residents took place on the occasion of the government’s plans to pass a law recognizing the first cryptocurrency as a legal means of payment. 

Salvadorian Bitcoin Bill 

On September 7, a bill on the recognition of the first cryptocurrency as an official means of payment in the territory of the country, also in the US dollar, will come into force. The initiative was supported by 62 parliamentarians out of 84 possible. The authorities guarantee the automatic conversion of Bitcoin into US dollars which will remain the base currency of the state.

El Salvador’s Financial Commission approved a trust fund of $ 150 million. The funds from it will be used to pay bonuses of $30 in Bitcoins that Salvadorans will receive upon activating the Chiva state cryptocurrency wallet. In addition, the country’s authorities are installing 200 Bitcoin ATMs. According to government estimates, there are now 50,000 Bitcoin users in El Salvador. This number is expected to increase to 4 million. 

The citizens oppose

However, many Salvadorans do not agree with this bill. 1,281 people took part in the UCA survey. In total, 67.9% of respondents oppose the recognition of Bitcoin (BTC) as a legal means of payment. Only less than a third of respondents (32%) said they agreed to some extent with this decision. 

According to the dean of the UCA, Andreu Oliva, for the first time, public opinion is so in disagreement with the decisions of the Parliament and the President. “There are a lot of concerns about the negative consequences when using Bitcoin”, – said Oliva.

In addition, the study found that 40% of respondents do not know how much Bitcoin costs in dollars. 43% of participants believe that with the legalization of Bitcoin, the country’s economic situation will worsen. According to the UCA, most of those polled who spoke negative about Bitcoin are people with little education. In August, the University found that 9 in 10 respondents knew next to nothing about Bitcoin, and 8 in 10 had little or no confidence in the new currency.

Recall that recently the inhabitants of El Salvador demonstrated massively. Hundreds of protesters chanted the slogan “No to Bitcoin”. Among the protesters were company workers, veterans, retirees and students.

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