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- The adoption of Bitcoin by El Salvador has been highly criticized by the ETH co-founder, Burterin
- The Salvadorians must have first educated their population before moving ahead with such a decision
- Burterin did not hide any of views, he meant to be completely transparent in whatever he said, he clearly mentioned how illogical it is to make crypto transactions mandatory in any kind of business, and how it was totally contradicting the states own crypto laws
The adoption of Bitcoin by El Salvador has been highly criticized by the ETH co-founder, Burterin. Even though the Salvadorians made it look like an important step, the step seemed highly debatable to Vitalik. He replied to a twitter thread pointing out how controversial was the step taken by the Salvadorians, after looking at the policies and laws that have been framed by Nayib Bukule, the President of El Salvador, who was the key player in framing the crypto laws. Vitalik made his point by explaining how the adoption of Bitcoin by El Salvador would risk the safety of its public. People might be a victim of regular hacks and the amount of malpractices will multiply several folds.
The Salvadorians must have first educated their population before moving ahead with such a decision. Vitalik did not leave any stone unturned, he confidently criticized the laws put forward by the Salvadoran President. He found this entire decision highly controversial. The implementation of such a decision by Buku;e even after laying down such intense laws against the crypto industries, has dragged several offenses, controversies, as well as criticisms from the regular publics,a s well as the key players in this firm. The Salvadoran President has already been under regular controversies eyeing his dictatorship in and across the social media platform and the way in which he wanted his agendas and ideals to pass and be practiced.
Burterin did not hide any of views, he meant to be completely transparent in whatever he said, he clearly mentioned how illogical it is to make crypto transactions mandatory in any kind of business, and how it was totally contradicting the states own crypto laws. Such a step was a complete misjudgement and it is like taking away a company’s freedom rights. The risks are high, the safety is minimal, there is no guarantee, and people lack the knowledge to deal with such a volatile asset which could leave them bankrupt if not dealt with care.
The Article 7 of the Bitcoin Law of El Salvador is what Burterin is clearly referring to. Making the use of Bitcoin mandatory should not be a decision taken by the head of a state. As per Vitalik, a person should completely have the freedom to choose the type of currency they want to use, and nothing should be imposed on them by the government, which is against their choice, or which hampers their rights. He also gave a reason as to why the Salvadoran President was supporting the use of Bitcoin must be because Bukule must have bought it at a minimal rate and now wants to increase its price by making it a mandatory currency in El Salvador, which is nothing but dumb.
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.
