Bitcoin News

El Salvador citizens are sceptical of making BTC a legal tender, Survey suggests.

El Salvador citizens are sceptical of making BTC a legal tender, Survey suggests

Salvadorans Not Happy With Bitcoin

According to a new survey, scepticism laces over more than 75% of Salvadorans over their President approving BTC as a legal tender. It seems like Salvadorans are not as happy with bitcoin as their President.

The Survey Results

A researcher, Disruptiva, affiliated with Francisco Gavidia University, conducted this survey. The survey, polled over 1,233 Salvadorans between the 1st and the 4th of July, has a margin of error of 2.8%. According to the survey, only 20% were okay with accepting Bitcoin as a legal tender.

According to a report done by Reuters, they found that about 54% of people the adoption of Bitcoin as ‘not at all correct’. Only 24% deemed the adoption program ‘only a little correct.’. Half of the respondents, 46% to be exact, admitted that they knew nothing about Bitcoin. Moreover, 65% were not open to the idea of digital currency being a legal tender.

Bitcoin In El Salvador

El Salvador passed the new Bitcoin law in the country last month, on the 9th of June. It is due to take effect by the 7th of September. Just a few weeks ago, the government unveiled a new Bitcoin wallet, Chivo. This will hold the crypto assets of the citizens. However, it is mentioned that only one option is available.

President Bukele Tries to Entice Citizens

To entice more people to join in, President Nayib Bukele stated that every Salvadoran who gets the Chibo wallet app has a chance to get $30 worth of BTC. Bukele also explicitly stated that the wallet would not incur any extra fees of transaction commissions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.