TL;DR Breakdown
- Salvadorians against Bitcoin law protest en masse.
- Corruption, volatility among reasons locals don’t want Bitcoin.
Salvadorians in their minions have trooped out against the recently passed Bitcoin law in El Salvador.
The protest comes as the President, Nayib Bukele, prepares for the day (September 7) to come when the Bitcoin law becomes operational. Political tension continues to heighten as the day looms.
Once it’s the dawn of Tuesday, September 7, Bitcoin law becomes mandatory in the country. Per the drafted law, all economic agents must accept Bitcoin along with the dollar as a means of payment.
According to El Salvador President, the law would benefit Salvadorians and save the country about $400 million in remittance commissions. An instant and secured financial transaction is also guaranteed once the law is signed.
Salvadorians, notwithstanding, are against the law.
Why Salvadorians are against new Bitcoin law
Volatility and instability are part of the major concern over the Bitcoin law in the country.
Hundreds of protesters took to the streets to raise their voices against the law. Among the organizing groups were workers, veterans, and pensioners.
Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union, told Reuters that the mandatory adoption of bitcoin could damage Salvadoran finances as there is no way to control or stabilize prices.
“We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,”
Another reason locals are against the law is because of its ease to use in facilitating corruption in the country. They claim the government is notorious for its authoritarian and non-transparent policies.
A group of activists also had their protest weeks back. Their concern was different. They gathered in front of Congress, asking for the derogation of the Bitcoin Law. They argued that the law was introduced and approved without any consultation and could potentially harm the people’s interests.
Series of other groups has also expressed other concerns about the law ensuring their voices are heard through protests.
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