Most Salvadorans Do Not Want Bitcoin, Poll Shows: Report

The majority of Salvadorans disagree with their government over adopting bitcoin as legal tender, according to one survey.

• As many as 67.9% of the 1,281 people surveyed either disagreed or strongly disagreed with using bitcoin as legal tender, Reuters reported Thursday, citing a poll by the Central American University (UCA).
• Just over 32% of the people agreed with the government’s decision on some level.
• The law adopting bitcoin as legal tender is set to take effect on Sept. 7.
• The survey, carried out in August, also suggested that nine out of 10 people did not have a clear understanding of bitcoin. Eight out of 10 said they had little or no confidence in its use.
• A majority said they thought the main beneficiaries of bitcoin’s adoption would be wealthy elites, such as the government, business leaders and foreign investors.
• El Salvador’s legislature voted to adopt bitcoin as legal tender in June. President Nayib Bukele recently confirmed that bitcoin’s use would not be mandatory, in contrast to the original law, which stipulated that all economic agents must accept the cryptocurrency as a form of payment.

Read more: El Salvador Could Face ‘Limitation’ on Bitcoin’s Use as Medium of Exchange: JPMorgan