Bitcoin Crypto
    • News
      • Quick Guide
      • Bitcoin Chart
    • Analysis
    • PRICE
    • Technology
    • Blockchain
    • Investing
    • Regulation
    Bitcoin Crypto
    Home»News»Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed
    Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed
    News

    Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

    September 5, 2021No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law.

    El Salvador’s Bitcoin Law Goes Into Effect in 3 Days

    The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7, when BTC will be legal tender in the country alongside the U.S. dollar.

    A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute.

    Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the current Legislative Assembly on June 9. Within this group, 70% indicated that they either disagreed or strongly disagreed with the government on the Bitcoin Law while 30% agreed or strongly agreed.

    Meanwhile, the data show that about 70% of Salvadorans have an imprecise notion of what bitcoin is and 20.6% did not know what bitcoin was at all. “Only 4.8% define it correctly as a cryptocurrency,” the study details, adding:

    Approximately 7 out of 10 Salvadorans believe that the deputies of the Legislative Assembly must repeal the Bitcoin Law.

    Regarding the potential impact of the Bitcoin Law on El Salvador’s economy, a third of the population believes that prices of goods and services will increase and the overall economic situation will get worse with the use of bitcoin as a legal currency.

    Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed
    A section of the bitcoin survey report by the University Institute of Public Opinion, José Simeón Cañas Central American University (UCA).

    Furthermore, about eight out of 10 Salvadorans said that they have little or no interest in downloading and using the government’s bitcoin wallet, Chivo.

    The study concludes:

    The UCA survey reveals that there is widespread ignorance about bitcoin among the Salvadoran population. According to this opinion study, most of the Salvadoran population have a misguided notion about what bitcoin is.

    Do you think people who are currently skeptical about bitcoin being legal tender will change their minds once the Bitcoin Law goes into effect? Let us know in the comments section below.

    Tags in this story

    Image Credits: Shutterstock, Pixabay, Wiki Commons, The University Institute of Public Opinion (Iudop)

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Read disclaimer

    This article was originally published by Bitcoin.com. Read the original article here.
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Tezos prediction as token sets $2.26 as the next frontier

    August 17, 2022

    Ethereum Foundation Makes It Clear The Merge Will Not Improve Fees and Throughput

    August 17, 2022

    Crypto.com Secures Regulatory Approval from FCA

    August 17, 2022

    Dogecoin Jumps 15% In 24 Hours As DOGE Overcomes Critical Level

    August 17, 2022
    Signup for our Newsletter
    Advert
    Managed Wordpress Hosting
    Categories
    • Analysis
    • Blockchain
    • Investing
    • News
    • Price
    • Regulation
    • Technology
    Signup for our Newsletter
    Advert
    Managed Wordpress Hosting
    USEFUL LINKS
    • Contact us
    • About us
    • DMCA / Copyrights Disclaimer
    • Privacy Policy
    • Terms and Conditions
    • Cookie Policy (US)
    • Cookie Policy (EU)
    ARCHIVES
    © 2022 Designed and Powered by JL Digital webbyrå.

    Type above and press Enter to search. Press Esc to cancel.

    Manage Cookie Consent
    To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
    Functional Always active
    The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
    Preferences
    The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
    Statistics
    The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
    Marketing
    The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
    Manage options Manage services Manage vendors Read more about these purposes
    View preferences
    {title} {title} {title}