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A recent survey in El Salvador shows that its citizens are not in support of bitcoinâs adoption in the country. This comes on the heels of the recent announcement by the president, Nayib Bukele that bitcoin will be adopted as the countryâs parallel legal tender.
The survey was carried out by Pollister Disruptiva which is an affiliate of Francesco Gravidia university. Out of 1,233 El Salvadorian respondents, 54% of the respondents viewed the adoption of Bitcoin as ânot so correctâ while some 24% viewed it as âa little correctâ.Â
Presenting the result of the survey, Oscar Picardo, the head of Disruptiva institute of Science,Innovation and technology affirmed his view as a costly assumption on digital technology transformation.Â
Barely 20% of the respondents approved of the adoption of the digital asset plan. Another 46% said they knew ânothingâ about Bitcoin while 65% said they would not be open to being paid with the cryptocurrency.
A citizen group known as El Salvadorâs opposition party filed a lawsuit against adoption of bitcoin, while a lawyer, Salvador Enrique Anaya, believes the ruling party may have initiated it to establish the legitimacy of the adoption.
Notwithstanding the negative trends and news coming from outer countries and financial institutions around the world, the adoption of cryptocurrency is seeing the light as most individuals will favor bitcoin over other digital assets partly because it is wholly decentralised.
El Salvador as a pace setter bitcoin adoption
Last month in a move no country has ever made, El Salvadorâs president proclaimed bitcoin as its sovereign currency as it will facilitate payments for its citizens abroad, boost its economic and financial investments as well as create more job opportunities.Â
Bukeleâs bill to adopt bitcoin as its legal tender was greatly cheered by the nationâs congressmen, 62 of whom voted in favor out of 84. This certainly makes El Salvador the first to adopt Bitcoin as a legal tender. On the contrary, countries like China, Russia, Japan and Jamaica are working on adopting Central Bank Digital Currencies (CBDC) of their own.
What's ahead for el salvadorans
Bitcoin is highly speculative and volatile and as such most countries adopting it as a means of payment will have to make laws to regulate to protect its citizens from bad actors. This may be the next task for El Salvador if the asset will see better acceptance in the country.Â
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