Home News El Salvadorians take to the streets to protest Bitcoin law

El Salvadorians take to the streets to protest Bitcoin law

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A group of protesters took to the streets outside the National Assembly in El Salvador to express their disregard for President Nayib Bukele’s Bitcoin law. The law under which Bitcoin will become legal tender from September.

Despite a three-month ban on protests to supposedly prevent the spread of COVID, a group of Salvadorans, made up of leftist unions, student associations and others, gathered outside the parliament building to protest the country’s adoption of Bitcoin as its national currency.

A group organized by the Block of Resistance and Popular Uprising used banners and slogans to demand the repeal of the so-called Bitcoin law. Which makes BTC legal tender and obliges businesses to accept it.

It is worth noting that 77% of Salvadorans consider this a bad idea.

“This law creates legal insecurity and can be used to defraud users. As well as facilitate money and asset laundering,” the activist said.

Another protester expressed concern about the price volatility for which the cryptocurrency market is famous.

“For those earning the minimum wage, one moment you might have $ 300 in Bitcoin, and the next day that $ 300 could turn into $ 50”, she sai. Before pointing out the fall in the price of BTC from a high in $ 63,595 in April to half – to $ 30,000.

Thus, the main claim of the protesters is that the cryptocurrency will only help officials and big business. And will do more harm than good to ordinary citizens. In a petition, the popular resistance and uprising bloc said the use of Bitcoin would contribute to corruption, money laundering, tax evasion and drug trafficking.

Adding that the government will spend millions of dollars from the state treasury to organize the new system.

Protesters’ fears over Bitcoin law not unfounded

Protesters’ fears are not new. Major regulators have pointed to fraud and money laundering schemes involving Bitcoin and other cryptocurrencies. As aspects keeping digital assets from being globally recognized.

Also protesters can rightly complain about how the law came about. As it recalls President Naib Bukele’s control over all branches of El Salvador’s government. The bill usually has to go through an arduous process of study, consultation and adaptation. But the Bitcoin bill passed less than six hours after Bukele formally presented it to Congress.

The protesters also accused President Naib Bukele of taking the decision without even discussing it with the citizens. The group compared Bitcoin to a lottery in which the authorities obliged everyone to participate.

Although it has already approved, the Bitcoin Act provides for a 90-day period to take effect. Meaning that Salvadorans required to accept Bitcoin in September.

The opposition party, which once considered Bukele to be a member, filed a lawsuit to thwart the implementation of the Bitcoin law.

We also note that the World Bank rejected El Salvador’s request for assistance in the implementation of Bitcoin. Due to considerations of environmental friendliness and transparency of the cryptocurrency.

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