Friday, 03 September 2021 13:44

7 out of 10 salvadorans do not know what Bitcoin is, according to UCA survey

Written by Evelyn Alas

The IUDOP of the Universidad Centroamericana José Simeón Cañas (UCA), provided the results of the opinion of salvadorans of the work being done by the current Central Government in the economic sector and the arrival of Bitcoin in the country as legal tender.

In the survey people were asked what Bitcoin is for them, 44% said it was a currency or digital money. But 7 out of 10 Salvadorans indicated that they have a wrong idea of what Bitcoin is and 2 out of 10 Salvadorans openly stated that they do not know what a Bitcoin is.

In contrast, 9 out of 10 salvadorans indicated that they do not clearly know what this financial asset is.

55% of salvadorans indicated that they do not have any confidence with the use of Bitcoin and about its use it was asked if it should be mandatory and 95.9% voted that it should be voluntary and a minority of 0.09% said it should be mandatory.

Approximately 4 out of 10 salvadorans said they did not know the value of Bitcoin. 43% indicated that the country will get worse with the use of this cryptocurrency. In addition, 65% indicated that they are not interested in using the ''Chivo Wallet" application.

According to the study conducted by IUDOP the salvadoran population gave their opinion on the recent increase to the minimum wage, in which they were asked Do you consider that your family economic situation will improve, or will it remain the same, 69.7% of the population assured that it would remain the same.

The survey revealed people's opinion on how they would rate their family's economic situation at this time, 41.5% said it was good, 5.7% said it was very good, 25.3% said it was bad and 7.9% said it was very bad.

46.6% of people indicated that the reason their family economic situation is bad or very bad is because of unemployment. 51% indicated in the survey that their economic situation was good or very good because they currently have a job.

According to the research, 6 out of 10 salvadorans affirm that their family's main expense is the purchase of food, in which they have perceived a significant increase in their prices, as well as in basic services such as water, electricity and telephone bills.