Protests in El Salvador call for an end of Bitcoin as local currency
The Bitcoin Law, passed by El Salvador, is not pleasing the entire population of the country. On Tuesday (20), a group of protesters took to some of the country’s main streets to demonstrate their outrage at the passed law.
The demonstration was revealed by Diario El Mundo of El Salvador. The images shared by the portal show people marching through the streets with a flag that says “No to Bitcoin”.
According to the information disclosed, the protests continued to the headquarters of the Legislative Assembly where they were received by deputies Dina Argueta and Anabel Belloso.
RT @SusanaPenate: Miembros del Bloque de Resistencia y Rebeldía Popular llegaron a presentar una propuesta de derogar la Ley Bitcoin. Salen a recibirlos Dina Argueta y Anabel Bellosopic.twitter.com/CXFLDW4tsr
— Diario El Mundo (@ElMundoSV) July 20, 2021
In addition, the group that organized the protest was the so-called Bloc de Resistencia y Rebeldia Popular, considered a left-wing movement in the Salvadoran political spectrum.
In the presented agenda, the organization describes the Bitcoin Law as “disastrous, misleading and not approved by the people”. In this sense, they demand the repeal of the law.
Among other things, protesters argue that the law had no popular participation. Thus, it would have been imposed by President Nayib Bukele without consulting the people, “improvised and without technical studies”.
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Furthermore, opinion polls show that the people and the majority of businessmen reject the legislation. That’s because they believe the law will have negative consequences on prices and revenue.
At the same time, opponents claim that the law will only benefit some people. Protestants also accuse the government of wanting to use the law to “launder illicit money”.
There are also those who claim that cryptocurrency is highly volatile and therefore merely speculative:
“Those who convert $100 into Bitcoin can have half the next day,” they say.