Majority Of Citizens In El Salvador Don't Approve Of President's Plan To Adopt Bitcoin: Report

What Happened: Weeks after passing a bill to adopt Bitcoin BTC/USD as legal tender in El Salvador, a report from Reuters revealed that most citizens were not in favor of the digital asset.

A poll conducted by Disruptiva revealed that more than 54% of citizens in El Salvador viewed the president’s plans to adopt Bitcoin BTC/USD in the country as “not at all correct.”

Another 24% said they believed that the planned Bitcoin adoption was only a little correct, while 46% of respondents said they knew nothing about Bitcoin.

The poll also revealed that nearly 65% of those surveyed said they would not even be open to being paid in cryptocurrency.

“This is a risky bet on digital transformation,” noted Oscar Picardo, head of Disruptiva’s institute of science, technology and innovation.

Why It Matters: The Bitcoin Law has already been passed in the country, after receiving 62 out of 84 votes in the legislature, and is scheduled to take effect on September 7, when Bitcoin will become a parallel official currency.

“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” stated the legal document.

Read also: 'Bitcoin Is The Most Amazing Mathematical Miracle,' Says Apple Co-Founder Steve Wozniak

Bitcoin advocate and President of El Salvador Nayib Bukele first proposed the law in a special announcement at the Bitcoin Miami conference earlier this year.

Bukele also announced plans to use geothermal energy from the country’s volcanoes to mine the leading digital asset.

Price Action: At press time, Bitcoin was trading at $33,432, up over 2.32% over the past 24-hours.