• Tue. Oct 3rd, 2023

New Survey Reveals that El Salvador Citizens are not very Happy with the New Bitcoin Legislation

Hassan Mehmood

ByHassan Mehmood

Jul 12, 2021

A new poll conducted by Disruptiva reveals that as many as 54% of El Salvador citizens are not happy about the new Bitcoin legal tender bill. Disruptiva is a pollster that is operated under the wing of Francisco Gavidia University. This educational institution is present in San Salvador since 1981 and is named after the famed scholar Francisco Gavidia.

The poll included as many as 1,233 participants and asked them a series of questions about the new Bitcoin laws in the region. The poll results indicate that about 54% of the participants think that Bitcoin adoption is entirely flawed. While a smaller portion, i.e., 24%, believes that it is only a little correct. The survey was conducted during July 1-3, and therefore it reflects the current sentiment of the citizens.

Opposition Party Rejects the Bitcoin Bill by Calling it Unconstitutional

The massive Bitcoin adoption in El Salvador is not only bashed by the citizens, but it is also facing resistance from several fronts. The opposition parties in El Salvador have already rejected the Bitcoin legal tender proposition. It has been called unconstitutional by the opposition leaders who want to block the bill from getting written into the law.

On the other hand, IMF has also expressed financial reservations towards the new bill. The Undersecretary of Treasury also went to meet President Bukele on the matter of cryptocurrencies very recently. Oscar Picardo, the head of Disruptiva, thinks that the sudden Bitcoin mainstream adoption is risky.

The Business Community of El Salvador is Skeptical about the New Bitcoin Laws

Another poll targeting the business community of El Salvador reveals that as many as 45% of the participants oppose the new laws for fear of Bitcoin becoming mandatory. On the other hand, about 35.9% of respondents do not have faith in the new law. The main objective of President Nayib Bukele to introduce Bitcoin in the region was to save third-party costs for remittances that make up 20% of the annual national revenue.

A massive number of Salvadorians claim that they have no idea what Bitcoin is and how it works. Analysts and economists claim that If Bukele wants to go ahead with the law, it is important to set up educational campaigns to raise awareness about the use cases and utilization of the flagship cryptocurrency.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to content