A survey conducted by the University of Central America found that more than two-thirds of respondents disagree with the introduction of bitcoin as an official currency. In addition, nine out of ten participants do not have a clear idea of how Bitcoin works.
Also alarmingly, eight out of ten respondents expressed little or no confidence in using the world’s most popular cryptocurrency. In the capital, San Salvador, there have been demonstrations against the start of bitcoin payments.
The World Bank was also opposed by El Salvador, which rejected the Central American country’s request to help implement a cryptocurrency-based payment system.
Will foreign investors come?
Since the introduction of bitcoin as an official currency, Bukele has been promising that Salvadorans who live abroad will be able to send money home more easily. At present, the domestic economy is practically dependent on funds from abroad. Foreign payments account for 22 percent of the country’s GDP.
“Bitcoin is a way to create new jobs and help people financially integrate into the legal economy,” Bukele said, adding that “70 percent of the population does not have a bank account and operates illegally.”
Given the popularity of bitcoin around the world, the president of El Salvador promised that new investment incentives from crypto enthusiasts would come to the country.
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Photo: Jose Cabezas, Reuters
What is Bitcoin
The most popular cryptocurrency in a completely open and decentralized online payment network. It is obtained by the so-called computer mining. It can only be paid once, and a fraction of Bitcoin can also be used. The total amount is determined by the network source code. Most bitcoins will likely be mined by the end of the decade, but otherwise mining could take another century. There are thousands of similar digital currencies in the world.
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