Majority of Salvadorans do not want bitcoin, poll shows

The majority of Salvadorans disapprove of the government’s decision not to accept bitcoin as legal currency. Many are unaware of how to use it and distrust the project, according to a poll conducted by the Central American University on Thursday.

According to a poll conducted by UCA (a Jesuit university located in El Salvador), at least 67.9% of the 1,281 respondents said that they strongly disagree or disagree with bitcoin’s legal tender status. Only 32 percent agreed on some level.

The study was published days before El Salvador’s government is scheduled to officially recognize cryptocurrency in El Salvador as legal tender on Sept. 7, according to President Nayib Bukele’s June announcement.

UCA’s August poll also revealed that 9/10 people didn’t have a good understanding of bitcoin and that 8/10 had little to no confidence in its usage.

77% of respondents believed that lawmakers should repeal the law making it legal tender.

“What we can see in the survey, aside from this wide rejection of bitcoin’s legalization, is that we have found for the first time a significant disagreement between people and decisions made by the Legislative Assembly, and the president,” stated Andreu Oliva, UCA dean.

The government didn’t immediately respond to a request to comment on the poll. Bukele and his government presented the measure to increase jobs and economic development in El Salvador by making it less dependent on US dollars, which is the legal tender currently.

According to the survey, most Salvadorans believe that the main beneficiaries will be foreign investors, wealthy people, and business leaders.

Oliva stated that there is concern over the potential negative effects of bitcoin.