Traders in San Salvador’s major handicraft market say that no authorities have explained how bitcoin works or what advantages it may bring.
Furthermore, the concern goes beyond San Salvador’s “Excuartel” market to the 6.4 million-strong Central American nation. That will become the world’s first to use bitcoin as legal currency on Tuesday.
According to a recent study by José Simeón Caas Central American University (UCA). 70% of respondents oppose El Salvador’s Bitcoin legislation.
The poll of 1,281 random Costa Ricans was conducted only five days before the contentious Bitcoin legislation is set to be approved. According to the Survey, 70% of Salvadorans want legislators to repeal, the Bitcoin bill to make it legal tender on September 7.
Furthermore, 2 out of 10 respondents mistrust digital assets. Moreover, 43% think legalization would damage the country’s economy. Only 17% of respondents believe the Bitcoin Law would benefit the country’s economy.
Despite $30 Worth of Bitcoin
The poll found minimal interest in the government’s Chivo crypto wallet. Even though users get $30 worth of Bitcoin for downloading it. Only 5.5 percent expressed curiosity. While 65 percent said they would not use the wallet.
When asked whether the adoption of Bitcoin should be obligatory or optional. 96% of Salvadorans chose voluntarily.
Claudia Molina, a 42-year-old seller of T-shirts and souvenirs said:
“We don’t know the currency. We don’t know where it comes from. We don’t know if it’s going to bring us profit or loss.”
The administration of President Nayib Bukele has placed one of its 200 Chivo digital wallet ATMs at “Excuartel.” It is a famous tourist attraction.
Few say the effort will be voluntary in the poor dollarized nation. And would remove commissions Salvadorans pay overseas to transfer money home.
