Research reveals that 70% of El Salvadorans want to repeal the Bitcoin Law
A survey found that 7 out of 10 Salvadorans want President Nayib Bukele’s Bitcoin law to be repealed. However, more than 90% of respondents also admitted that they do not understand cryptocurrency well.
The research in question was conducted by the University Institute of Public Opinion of the Central American University (IudopUCA). The institute interviewed 1,281 people in the survey carried out between August 13th and 20th.
The study found that 2 out of 10 respondents said they “don’t trust Bitcoin”. In addition, 43% of Salvadorans interviewed believe that the country’s economy will deteriorate with the implementation of Bitcoin as their currency.
Just over half of respondents think the price of groceries will increase after the Bitcoin law is implemented. In contrast, only 17% said that the country’s economy will improve with the BTC.
Salvadorans were also asked whether the use of Bitcoin should be mandatory or voluntary for the population. An overwhelming 96% said they should volunteer.
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The majority (60%) of respondents also disagreed with the government’s decision to spend public money to use Bitcoin in the country.
Still, about 55% of the population consulted stated that they have “no trust” in Bitcoin. In this regard, only 4.8% said they had “a lot of confidence” and 9.6% “some confidence”.
With regard to the use of the government-created Bitcoin wallet, Chivo, the study found that 78.3% of respondents are little or not interested in downloading and using the digital wallet.
It is worth noting that, to encourage the use of Chivo, the Salvadoran government announced a bonus of $30 in Bitcoin for users.