El Salvador caught the attention of the globe after it decided to embrace Bitcoin [BTC] and give it a legal tender status. Several officials across the globe combated this decision. Turns out, the citizens of El Salvador weren’t too pleased with this decision either.
While the Bitcoin law garnered a thumbs up from the Legislative Assembly of the country, it is yet to be enforced on the 7th of September. The government hopes to boost remittances from abroad via Bitcoin. As President, Nayib Bukele has been preparing to onboard Bitcoin into the country, several El Salvadorians have taken to the streets in protest of this law.
Back in July, an array of activists gathered and urged the government to dismiss this law. Activist Idalia Zuñiga believes that cryptocurrencies particularly Bitcoin could act as a medium that facilitates money and asset laundering.
El Salvador citizens take to the streets to protest the Bitcoin law
In more recent news, the Euronews TV network revealed that hundreds of demonstrators were seen protesting through the streets of San Salvador, the capital of the country.
The protestors consisted of a wide range of people from veterans to retirees to disabled pensioners as well as workers. Most of them voiced their concerns over the lack of knowledge surrounding the asset, its volatile nature along issues pertaining to low pensions.
Dante Mossi, the executive president of the Central American Bank for Economic Integration (CABEI), reportedly told Reuters,
“Everyone is watching if it goes well for El Salvador and if, for example, the cost of remittances drops substantially … other countries will probably seek that advantage and adopt it.”
Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union noted how the coin fluctuates drastically. He added, “Its value changes from one second to another, and we will have no control over it.”