Most of El Salvador Citizens Disagree with Bitcoin Law, Survey Finds | Finance Magnates
Our Observations:
According to El Diario de Hoy and La Prensa Grafica, citing a survey of 1,281 people made by the Central American University (UCA), 7 out of 10 Salvadorans believe National Deputies should take down the Bitcoin Law.
That means 30% of the El Salvadorans don't believe Bitcoin Law should be taken down. That is a substantial number given that cryptocurrencies are relatively a new concept for most people and given the difficulties in learning to deal with wallets and other technicalities for the beginners.
In fact, just 5.5% of the surveyed people are 'very interested' in using an e-wallet named Chivo for the purpose.
Again 5.5% of people surveyed being 'very interested' in the e-wallet should be considered extremely good for the starters. That would also mean the percentage of people "interested' and "somewhat interested" would be much higher than 5.5%.
Furthermore, when asked, 'Should the use of Bitcoin be mandatory or voluntary for the Salvadoran population?' 95.9% of the surveyed participants answered that it should be voluntary.
Since the citizens have a choice of dealing with either the USD or Bitcoin in their transactions, the use of Bitcoin in consumer transactions cannot be said to be mandatory in its true sense, although it has been made a legal tender.
"About the impact of Bitcoin on the family economy that Salvadorans foresee, more than half of the population, that is 54.3%, maintains that the prices of the products of the basic basket will increase with the approval of Bitcoin and a third of Salvadorans maintain that their family economic situation will worsen with the use of Bitcoin as legal tender," El Diario de Hoy pointed out.
There is no evidence to show that this will pan out. For the time being it is just a conjecture on the part of the people, probably, borne out of fake news.
In June, Nayib Bukele, El Salvador President, announced that the government would airdrop $30 worth of Bitcoins to every adult citizen in the Latin American country. But, first, they have to download the El Salvador government's official Bitcoin wallet application.
An airdrop of $30 worth of Bitcoin is an effective strategy to get the citizens to use the e-wallet. Given the country's current economic conditions, $30 would be considered a substantial amount and it is likely to be worth much more than that when Bitcoin prices see another wave of increases in the future.
Check out the original article here.
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