A recent survey has concluded that 70% of people in El Salvador are not happy with making bitcoin a legal tender. The new law will come into existence from Sept 7 and Bitcoin will become a legal tender in the country.
However, a survey commissioned by the local Central American University’s (UCA) Institute of Public Opinion reveals that over 70% of the people in the country are not happy with the government’s decision. They believe that the new law should not be there.
Interestingly, the major reason behind their opposition to Bitcoin becoming a legal tender is that they do not have an advanced understanding of cryptocurrencies. Over 90% confirmed that they have little knowledge of Bitcoin and other altcoins. The study found that there is just over a meagre 7% approval rating for the president’s decision.
Earlier in the year, El Salvador’s president had confirmed that Bitcoin will be a legal tender in the country. He also got it approved in the parliament and now from September, the 7th Bitcoin will effectively become legal money in El Salvador.
The President believes it will help the country’s dwindling economy and help bring in investments from crypto-focused businesses. El Salvador’s economy has been struggling and reports from the World Bank, over 22.8% of people in the country are living below the poverty line.
The new report presents some interesting facts and figures through its findings. It says that “nine out of 10 Salvadorans have no clear knowledge of what this (Bitcoin) financial asset is.”