Bitcoin is changing into a legal tender in EI Salvador in 3 days. However, a nationwide survey conducted by the University Institute of Public Opinion(Iudop) shows that seven out of ten Salvadorans need the government to repeal the Bitcoin Law.
El Salvador’s Bitcoin Law Goes Into impact in three Days
The University Institute of Public Opinion(Iudop) in EI Salvador conducted a study between August. 13 and Aug. 20 however the general public views the country’s future Bitcoin Law. The institute may be a research facility of the José patriarch Cañas Central Americam University (UCA). El Salvador’s Bitcoin Law is about to travel into impact on Sept. 7, once BTC are legal tender within the country aboard the U.S. dollar.
A total of 1,281 respondents ages 18 and over participated during this national survey that “represents the complete adult population residing within the country,” as per the institute.
Out of all the respondents, 62.4% aforesaid they were attentive to the approval of the Bitcoin Law by the deputies of this general assembly on June 9. Among this cluster, 70% indicated that they either disagreed or powerfully disagreed with the government on the Bitcoin Law whereas 30% united or powerfully united.
Meanwhile, the information shows that 70% of Salvadorans have an inaccurate notion of what bitcoin is and 20.6% didn’t recognize what bitcoin was in any respect. “Only 4.8% outline it properly as a cryptocurrency,” the study details, adding:
“Approximately 7 out of 10 alvadorans believe that the deputies of the Legislative Assembly should repeal the Bitcoin Law.
Regarding the potential impact of the Bitcoin Law on El Salvador’s economy, a 3rd of the population believes that costs of products and services can increase and therefore the overall economic scenario can degenerate with the employment of bitcoin as a legal currency.
Furthermore, concerning eight out of ten Salvadorans aforesaid that they need very little or no interest in downloading and using the government’s bitcoin wallet, Chivo.
The study concludes:
“The UCA survey reveals that there’s widespread ignorance concerning bitcoin among the Salvadoran population. As per this opinion study, most of the Salvadoran population have a misguided notion concerning what bitcoin is.”