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- Crypto adoption of El Salvador seems a skeptical move for its residents
- A recent survey revealed that more than 80% of residents are uncertain of the measures
- It seems the president failed to persuade its residents about the benefits of crypto assets making its move a risky bet
- With the adoption, the government announced several measures to increase the adoption
The Crypto market has gained mainstream attention due to bullish price movements. Along with attention, several individual and institutional investors have also acquired some sort of cryptocurrency. Last Month, El Salvador became the first country in the world that embraced Bitcoin as the legal tender in the country. However, a recent poll released on Thursday revealed that the country’s residents are skeptical of such a push to adopt crypto like Bitcoin.
El Salvador embraced BTC as legal tender
Last month after the Bitcoin 2021 conference in Miami, Nayib Bukele, president of El Salvador, proposed to legalize Bitcoin. Within a few days, the president’s allies in Congress approved legislation providing the tiny nation’s crypto coin official currency status.
With the approval, El Salvador became the first country globally that legalized cryptocurrency. The president believed that the adoption of Bitcoin adoption would help as a way to facilitate remittance payments from the residents living abroad.
Survey report regarding El Salvador’s crypto move
The latest survey was conducted by pollster Disruptive, which is affiliated with the Francisco Gavidia University. The survey received responses from 1,233 residents of El Salvador. Among the total respondents, only 20% approved the crypto plan.
From the released survey, it is noted that over 80% of the residents are skeptical of the president’s move to adopt crypto. Furthermore, according to the survey, 54% of individuals do not provide their positive consent. On the other hand, it is also observed that 24% of the respondents viewed the BTC adoption as only a little correct step.
Residents do not know about BTC adoption
The survey had a margin error of 2.8%. Notably, it revealed that more than 46% of the respondents did not know that the country had embraced the crypto coin. Simultaneously, 65% of the respondents deemed that they would not be willing to accept payments in terms of Bitcoin.
El Salvador’s move became a risky bet
Following the responses from the Salvadorans, it seems Nayib failed to persuade the residents to see the benefits. Oscar Picardo, the head of Disruptiva’s institute of science, technology, and innovation, commented that El Salvador’s move was a risky bet on digital transformation.
The government announced several measures
While embracing BTC as a legal tender, Nayib’s allies have undertaken several various measures. The measures were targeting a massive adoption of the crypto coin among the citizens.
In recent weeks, the government introduced a digital currency wallet entitled “Chivo.” It is known that the wallet will offer free transfers to Salvadorans. Moreover, nayib began an airdrop of Bitcoins and claimed that every user would get a chance to win $30 worth of BTC coins.
On the other hand, Bukele also assured its citizens that BTC adoption would reduce the transaction cost incurred while transferring remittances. Moreover, he also believes that the adoption will help set up a new infrastructure to support its parallel monetary system. The particular emphasis will be on internet connectivity. Also, the reliance on the USD will be lessened.
