Most El Salvador's Citizens Oppose Bitcoin Adoption: Survey

Most Salvadorans oppose the government's decision to make Bitcoin BTC/USD a legal tender in the country alongside the United States dollar.

What Happened: According to a Reuters report, a poll by the local university Central American University showed that at least 67.9% of 1,281 people disagree or strongly disagree with the use of Bitcoin as a legal tender.

Only over 32% of the survey participant said that they agree with the decision, at least to some extent.

The study was issued just days before El Salvador's Bitcoin adoption becomes effective on Sept 7.

The poll was carried out in August and also showed that nine out of 10 people did not have a clear understanding of Bitcoin, and eight out of 10 had little to no confidence in its use.

Lastly, seven out of 10 said that they believe lawmakers should repeal the law making Bitcoin a legal tender.

Read Also: As Bitcoin Law Kicks Off In Less Than A Week, Anti-Bitcoin Protests Break Out In El Salvador

Central American University dean Andreu Oliva said that the survey highlights a "broad rejection of the implementation of Bitcoin as legal tender" but also that the population significantly disagrees with the decision made by the Legislative Assembly and the president.

Why It's Important: Most of the survey participants also think that the measure will mostly impact positively the wealthy, foreign investors, the government, and business leaders. Oliva also noted that "there is a lot of concern about the possible negative effects of using Bitcoin."

The International Monetary Fund recently heavily criticized El Salvador's decision to adopt Bitcoin, describing it as "an inadvisable shortcut" compared to developing its own digital currency.