Survey Suggests Most Salvadorans Wary of Bitcoin as Legal Tender

The poll, which took the results from 1,233 people between July 1 and July 4, also showed 46% knew "nothing" about bitcoin.

AccessTimeIconJul 9, 2021 at 3:19 a.m. UTC
Updated Sep 14, 2021 at 1:23 p.m. UTC

A recent survey suggests the majority of El Salvador's citizens are wary of their president's push to implement the country's newly crafted and legislated Bitcoin Law.

Peering into the minds of the country's people, the survey, conducted by pollster Disruptiva, showed around 54% of respondents viewed the law as "not at all correct," Reuters reported Thursday.

Around 24% thought President Nayib Bukele's law was "only a little correct" while only around 20% approved of it.

The poll, which queried 1,233 people July 1-4, also showed 46% knew "nothing" about bitcoin. Almost 65% of respondents said they would not be keen on being paid in the crypto.

Bitcoin will function as legal tender in the country's economy alongside the U.S. dollar, which has long been used to exchange for goods and services following the replacement of the Salvadoran colón in 2001.

El Salvador's Bitcoin Law passed through the country's legislature on June 8 by way of a supermajority. It has drawn the ire from political opponents and critics who say it violates constitutional rights.

The law is set to come into effect on Sept. 7, Bukele announced late last month. Its rollout will be accompanied by $30 in bitcoin for all users, provided they download a compliant and supported e-wallet.

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