El Salvadorians have been protesting against the government’s latest plunge towards Bitcoin [BTC].
While the world or at least the crypto community lauded El Salvador for embracing cryptocurrencies, particularly Bitcoin, the country’s citizens were not very pleased with its decision. Several people from across the globe flocked to El Salvador after President Nayib Bukele drove BTC into becoming a legal tender in the region. However, this choice was condemned by at least three out of every four El Salvadorians. These people have elevated their angst against the government and took to the streets to protest the government’s move.
Impositions of gatherings following the emergence of the COVID-19 pandemic did not stop people from protesting against the El Salvadorian government’s BTC-friendly move. The law obligates every business in the region to accept Bitcoin as payment; however, the volatile nature of the asset seemed to be a significant issue for the protestors.
El Salvadorians take to the street to protest amidst COVID restrictions
With slogans and banners, a group formulated by the “Block of Resistance and Popular Rebellion” called out Bukele’s government. Elaborating on the asset’s association with the dark web along with its ability to aid money laundering activities were pointed out by activist Idalia Zuñiga. The activist added,
“It is a law that generates legal insecurity and that could be used to defraud users and also facilitate money and asset laundering.”
Volatility has been a significant concern for many. Despite finding the crypto industry a promising space, several choose to steer away from the market due to the high volatility. A protestor part of the group mentioned above stated,
“For those earning a minimum wage, in one moment you may have $300 in Bitcoin and the next day those $300 can turn into $50.”
Additionally, these protestors raised their voice against the government despite the imposition of restrictions due to COVID.