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- El Salvadorian’s wave posters stating no to Bitcoin on the streets of San Salvador, according to a Tuesday tweet from local news site El Mundo, calling for the country’s Bitcoin law to be repealed
- Bitcoin only serves certain wealthy business people, notably those tied to the government, to launder ill-gotten money, according to protesters
- It would have a negative impact on people’s incomes, pensions, and savings, as well as numerous SMEs, low-income families, and the middle class
Protesters known as the Popular Resistance and Rebellion Block have spoken out against the government of El Salvador adopting legislation making Bitcoin legal money. El Salvadorian’s wave posters stating no to Bitcoin on the streets of San Salvador, according to a Tuesday tweet from local news site El Mundo, calling for the country’s Bitcoin law to be repealed.
After initially seeing the protestors separated by a razor-wire fence, legislative assembly members Anabel Belloso and Dina Argueta addressed them. The Popular Resistance and Rebellion Block organization stated in a letter distributed during the demonstration that President Nayib Bukele approved the law-making of Bitcoin legal cash in the country without adequate consultation with the people. It also mentioned Bitcoin’s (BTC) volatility, comparing it to playing the lottery: betting on the lottery is a free act, whereas Bitcoin is mandated by law.
However, the group’s major complaint about the Bitcoin legal framework appeared to be based on a perceived imbalance in the government’s use of the cryptocurrency compared to the ordinary El Salvadorian. Bitcoin only serves certain wealthy business people, notably those tied to the government, to launder ill-gotten money, according to protesters. Entrepreneurs who invest their money in Bitcoin will not have to pay taxes on their profits, the letter stated. In addition, the government will invest millions of dollars in taxpayer money to implement Bitcoin. They also stated that Bitcoin would make it easier for public corruption, drug, weapons, and human traffickers, extortionists, and tax evaders to operate. It would also throw the financial system into disarray. It would have a negative impact on people’s incomes, pensions, and savings, as well as numerous SMEs, low-income families, and the middle class.
The law recognizing Bitcoin as legal currency in El Salvador was enacted by the government and signed into law by Bukele in June, but it will not take effect until September 7. The demonstration was organized by the Popular Resistance and Rebellion Block, who demanded that the law be repealed.
Earlier this month, during a scheduled visit by the US State Department, Under Secretary of State for Political Affairs Victoria Nuland suggested that El Salvador ensure that Bitcoin is well regulated and transparent, but she did not express any opposition to the country’s move to a more digital economy. Bitcoin, according to some proponents of the bill, may assist expedite remittance payments from El Salvador nationals residing abroad and reduce the country’s dependency on the US currency.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
