Camarasal, a well-known entrepreneur association in El Salvador, revealed the results of a poll made this month. The poll showed that almost 100% of Salvadorans are concerned about the implementation of the new bitcoin tender law approved recently. The poll got more than 1,600 answers in just four days from entrepreneurs and non-entrepreneurs alike. El Salvador’s decision was also met by criticism from global regulators.
Poll shows people are concerned over the new bitcoin law.
Most of the people who participated in the poll criticized the obligatory character of receiving bitcoin payments and don’t expect this move to bring investment to the country. Camarasal president Jorge Hasbún stated on the massive participation that, “we believe that this excellent response is a reflection of how urgent this issue is for Salvadorans, in the sense of the implications it will have for the family economy on a day-to-day basis.” More than 96% of the entrepreneurs polled prefer an optional use of bitcoin for payments.
The new bitcoin law creates confusion among entrepreneurs.
The new bitcoin tender law forces entrepreneurs to accept bitcoin for payments, as long as the entrepreneur manages the technological infrastructure to do so. In the same way, 45.3% of the people who participated in the poll indicated they were concerned that the circulation of cryptocurrency in the country is mandatory, while 35.9% assured that it generates mistrust. Most of the entrepreneurs won’t keep the bitcoin received as payment for their goods and services. 51.6% answered they would exchange the bitcoin received for dollars. Bitcoin is a quite volatile asset too, and that scares entrepreneurs that work with tight margins.