Majority of Salvadorans Don’t Want Bitcoin, Poll Finds

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A man participates in a demonstration against the detention of cryptocurrency commentator Mario Gomez and against the use of bitcoin as legal tender, in San Salvador, El Salvador, on September 1, 2021. REUTERS / Jose Cabezas

SAN SALVADOR, Sept. 2 (Reuters) – Most Salvadorans disagree with the government’s decision to adopt bitcoin as legal tender, with many unsure of how to use digital currency and wary of the project, according to a poll from the University of Central America (UCA) on Thursday.

At least 67.9% of 1,281 respondents said they disagree or strongly disagree with the use of bitcoin as legal tender, according to the survey by UCA, a Jesuit university based in El Salvador. Just over 32% of people said they agreed on some level.

The study was published days before the government formalized cryptocurrency as legal tender in El Salvador on September 7, a plan announced by President Nayib Bukele in June.

The UCA survey, conducted in August, also showed that 9 in 10 people did not have a clear understanding of bitcoin, and 8 in 10 said they had little or no confidence in its use.

Most people, 7 in 10, think lawmakers should repeal the law that gives legal tender status.

“What we can see in this survey, in addition to this broad rejection of the implementation of bitcoin as legal tender, is that for the first time we found a significant disagreement between the population and the decisions made by the ‘Legislative Assembly and the President, “said the dean of the UCA Andreu Oliva.

The government did not immediately respond to a request for comment on the poll. Bukele and his government have touted the measure as a way to boost employment and economic development by making El Salvador less dependent on the US dollar, the current legal tender.

The survey also showed that most Salvadorans believe that the main beneficiaries will be wealthy foreign investors, the government and business leaders.

“There are a lot of concerns about the possible negative effects of using bitcoin,” said Oliva.

Reporting by Nelson Renteria Writing by Cassandra Garrison Editing by Frances Kerry

Our Standards: The Thomson Reuters Trust Principles.

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