Bitcoin will become legal tender in El Salvador in three days. However, a nationwide survey by the University Institute of Public Opinion (Iudop) shows that seven in ten Salvadorans want the government to repeal the Bitcoin law.
El Salvador’s Bitcoin Law goes into effect in 3 days
The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between August 13 and 20 on how the public perceived the country’s upcoming Bitcoin law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin law is slated to go into effect on September 7th, when BTC will be legal tender in the country alongside the US dollar.
A total of 1,281 respondents aged 18 and over took part in this national survey, which “represents the entire adult population living in the country,” according to the institute.
Of all respondents, 62.4% said they would agree or strongly agree with the passing of the Bitcoin Law by the members of the current Legislative Assembly on the 9th Bitcoin Law, while 30% agree or strongly agree.
Meanwhile, the data shows that around 70% of Salvadorans have an imprecise idea of what Bitcoin is, and 20.6% did not even know what Bitcoin is. “Only 4.8% correctly define it as a cryptocurrency,” the study says, adding:
Approximately 7 in 10 Salvadorans believe that the legislature should repeal the Bitcoin law.
Regarding the possible impact of the Bitcoin law on the economy of El Salvador, a third of the population believes that the prices of goods and services will rise and the general economic situation will worsen with the use of Bitcoin as a legal currency.
Additionally, about eight in ten Salvadorans said they had little or no interest in downloading and using the government’s Bitcoin wallet, Chivo.
The study concludes:
The UCA survey shows that there is widespread ignorance about Bitcoin among the Salvadoran population. According to this public opinion survey, most of the Salvadoran population has a misconception about what Bitcoin is.
Do you think people who are currently skeptical of Bitcoin as legal tender will change their minds once the Bitcoin law goes into effect? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, The University Institute of Public Opinion (Iudop)
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