Blockchain & Crypto

Citizens of El Salvador do not want Bitcoin: UCA survey

According to a survey conducted by the University of Central Arkansas (UCA), the majority of citizens of El Salvador do not support their government’s decision to make Bitcoin a legal tender. Earlier in June 2021, the country approved a bill making bitcoin a legal tender.

Details of the survey

Around 67.9% of the 1,281 participants surveyed said they oppose the usage of Bitcoin as legal tender. Just over 32% of people agreed with the government’s decision.

The poll further indicated that 9 out of 10 people did not have a clear understanding of Bitcoin, and 8 out 10 said they had little or no confidence in its use.

UCA Dean, Andreu Oliva said, “What we can see in this study, in addition to the widespread rejection of bitcoin as legal cash, is that for the first time, we observed a major disagreement between the population and decisions taken by the Legislative Assembly and the president.”

The survey also showed that most Salvadorans think the main beneficiaries will be the wealthy aristocratic class and the government leaders.

Government’s rationale

President Bukele and his government have portrayed the legislation as a strategy to increase job creation and economic development. Further, the government expects the move to provide financial inclusion to thousands outside the formal economy. While passing the legislation earlier, the government said:

“Thanks to the use of Bitcoin, the amount received by more than a million low-income families increases by several billion dollars every year. This improves life and the future of millions of people,”

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Pukhraj Biala

I am an undergraduate student at Symbiosis Law school, NOIDA, pursuing B.A.LL.B. I am a problem solver who believes in reaching to a conclusion by weighing all the options and identifying the best possible one. I find Technology Laws quite fascinating and I continue to follow and learn the subject.

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