• Thu. Feb 29th, 2024

Majority of People from El Salvador are Against Bitcoin Law

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Sep 5, 2021

It is only a matter of time before the Bitcoin Law gets imposed on the people of El Salvador. It was back in early July when the law was passed with high support from the El Salvador parliament. At that time, it was not known exactly how the government of El Salvador (ES) was going to proceed with it.

However, the government of ES soon announced that Bitcoin is going to become a legal tender in the country. This meant that every financial firm and payment service provider in the country will be required to accept and offer Bitcoin.

The ES government that their intentions were to prioritize Bitcoin over the United States dollar. However, the government did it without even considering the views of citizens and adults in the country. Now, it seems that the people of ES are finally opening up about the ES government’s implementation of the new Bitcoin law from September 7, 2021.

However, a survey has been conducted prior to the implementation of the Bitcoin Law to find out how many ES citizens oppose the law and how many backs it.

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The survey has brought some very alarming results to a global platform, showing how many adults want Bitcoin implemented in the country.

The survey was reportedly conducted by the Institute of Public Opinion of the Central American University (UCA). The survey reveals that 70% of the locals in El Salvador do not support the idea of having Bitcoin as a legal tender in the country. The results from the survey are quite clearly showing how much the citizens of El Salvador are opposing the new Bitcoin Law.

The majority of the ES citizens have agreed that the decision made by President Nayib Bukele for the implementation of the Bitcoin Law is not right. Therefore, they want the government of ES to revert the law and do not implement it.

Out of the total citizens who participated in the survey, 90% of them have stated that they do not have any idea about Bitcoin. They revealed that they have no idea about the cryptocurrency industry and how digital assets work.

This means that Bitcoin Law is being imposed on the citizens by the government of El Salvador. Currently, the citizens of El Salvador do not even have much knowledge about cryptocurrencies but they are expected to invest in Bitcoin. The government wants them to deal in Bitcoin whether it is pertaining to accepting payments and processing Bitcoin transactions.

Although the government of El Salvador has implemented the Bitcoin Law with aims to boost its weak economy, it seems it has adopted it too soon for its citizens.

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