A year after the release of a low favoring the adoption of Bitcoin by Bukele, most Salvadorans do not see any advantage in the measure the leader took to improve their finances.
Yesterday marked the first year since the president of El Salvador, Nayib Bukele, revealed that Bitcoin would become legal tender in the South American Nation.
The information arrived at the Bitcoin Miami 2021 event. Many believed this statement to be a false claim, but things took place very quickly. Only four days later, on June 9, 2021, the Legislative Assembly of El Salvador gave birth to an unprecedented law: the first policy that enables Bitcoin as legal tender worldwide.
Salvadoran Citizens do not Think the Same
Although this event is revolutionary around the globe, apparently, inside the country, there are many contrasting opinions. At least, that is how it got read in a survey applied by the University Institute of Public Opinion of the José Simeón Cañas Central American University, which led an evaluation of Salvadoran citizens under the third year of Bukele’s administration. One thousand two hundred seventy-two citizens from 14 departments played a role in the study.
The consideration that the Bukele government is making good decisions is relatively high. In the third year of administration, 68.1% of people still think he’s doing good things for the country. However, this percentage decayed since, in the first year of administration, at least 85.2% of the citizens in the study gave it a positive assessment.
Finances do not Evolve for Good
When asked about what advantages the Bitcoin policy had brought to the family economy of Salvadorans, 71.1% of the 1,272 citizens surveyed answered that it had not brought them any benefit.
12.8% believe that this measure gave them few improvements to their economic panorama, while 8.9% are sure that the Bitcoin Law brought at least some benefits to their finances. Only 6.1% said that Bitcoin gave them many benefits.
When citizens got asked about some reasons for improving the family’s finances, the Bitcoin bonus of USD 30 appeared entirely highlighted. When the president of El Salvador revealed in June 2021 that his nation would accept bitcoin as its second national asset, along with the dollar, he promised tons of benefits and improvements to his citizens.
The adoption of bitcoin, he said, would bring back the dignity the economy previously had. The adoption would also lower the dependence on foreign currencies (the US dollar), lower remittance rates, account for at least 20% of the nation’s gross domestic product, and boost investment.
El Salvador has the potential to become the first nation to increase the transformative capacity of digital assets on a national scale.
El Salvador’s bitcoin law became a fully active policy on September 7. According to it, every merchant who is technically able to do so must receive the cryptocurrency as means of payment.
Taxes can also get paid with Bitcoin. The Chivo digital wallet also got implemented, and those who downloaded it received a starting bonus valued at 30 US dollars.
By: Jenson Nuñez
