Poll: 70% of Salvadorans oppose Bitcoin legalisation

On September 7, a law recognizing Bitcoin as legal tender will come into effect in El Salvador. However, 70% of residents want Parliament to repeal it, according to the poll.

#EncuestaUCA | Resultados de la encuesta de opinión pública del Iudop: “La población salvadoreña opina sobre el Bitcoin y la situación socioeconómica del país”

➡️Boletínhttps://t.co/Ot3ksFMk4F

➡️Presentaciónhttps://t.co/9CffOiiqnJ

➡️Infográficohttps://t.co/ATpcacOpfo pic.twitter.com/f9VWabik4D

— UCA El Salvador (@UCA_ES) September 2, 2021

It was conducted by the José Simeón Cañas Central American University (UCA). A representative sample comprised 1,281 people.

The survey results showed that 20% of respondents do not trust cryptocurrency. 43% of participants believe that the legalization of Bitcoin would worsen the country’s economic situation, and only 17% hold the opposite view.

Around 80% of participants cited the high volatility of cryptocurrencies, but around 40% of respondents do not know how much the coin costs in dollars.

Six in ten respondents disagree with the government’s decision to spend public funds on adapting Bitcoin in the country. More than half of respondents believe that, after the law comes into effect, prices of goods will rise.

According to 20% of respondents, they know nothing about Bitcoin, and 70% admitted they have little understanding of cryptocurrency.

“In other words, nine in ten Salvadorans have no clear idea of what this financial asset is,” the researchers stressed.

The majority of Bitcoin-sceptic respondents come from those with low educational attainment and monthly income of less than $50, they noted at UCA.

The data collected by the university echoes the results of a prior Disruptiva poll. It showed that Bitcoin legalization is supported by only 20% of Salvadorans.

Earlier in August, in the country began protests against recognizing the cryptocurrency as an official payment method.

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