Majority Of People In El Salvador Want To Repeal New BTC Law

A recent survey conducted by the University Institute of Public Opinion reveals that seventy percent of Salvadorans are looking to make their political representative repeal the newly instated BTC law.

The results of the research carried out by the institute in a state-wide massive survey on the 2nd of September reveals that the praised Bitcoin law by the crypto community globally is not getting the right supports from the locals in concern.

The Salvadorans are not Sure the Solution to Their Financial Problems is the New BTC Law

The global cryptocurrency community has taken the newly instated law in El-Salvador with joy as the crypto flagship – Bitcoin was declared a legal tender in the country. This equates the value of the asset to the US currency. For many in the community, they believed that Nayib (El-Salvador President) would create a trail for other countries to follow in adopting crypto as a legal tender in their countries.

But as it is in El-Salvador, not many persons are happy and comfortable with the impending changes for the newly introduced law.

The non-profit organization, Institute of Public Opinion, under the management of the Jose Simeon Canas Central American University, released the report of the massive state-wide survey held yesterday morning (September 4), revealing some of the major concerns of the Salvadorans.

The research shows that about 45.4% of the correspondents believe the major issues that need to be tackled in the country are unemployment and poverty. Surprisingly, 67.7% claim that no assurance increasing the minimum wage will improve their situation.

In addition, the citizens gave the president, Bukele Nayib, a rating of 7.64, which is the lowest the president has ever received since he assumed office in 2019.

The refusal to support the president means the upcoming BTC law will lack support as well. From the survey, 70% (7 of 10) of Salvadorans believe that the BTC should not stand. In addition, 20% of the locals do not even have trust in Bitcoin.

The rector of the University, Andreu Olivia, said the research shows that there was misinformation about BTC and the upcoming crypto law to the population. He believes the misinformation is the reason for the demonstrations that hit the streets recently in the country’s capital.

It was concluded that the government’s efforts to bring crypto closer to the residents would be of help in countering the anti-crypto sentiment hitting the country.