Nayib Bukele is ready for the day when the Bitcoin Law becomes mandatory, but anti-Bitcoin protests are becoming increasingly regular.
El Salvador’s political situation is deteriorating as the government prepares to embrace Bitcoin as legal cash. The waiting period for the Bitcoin Law to become mandatory ended on September 7 of this year. All economic agents, according to the language of this Law, must take Bitcoin in addition to the dollar as a form of payment.
Bukele asserts that the policy will benefit the public and save the country nearly $400 million in remittance commissions by ensuring rapid and secure financial transactions. However, Salvadorans do not appear to concur.
El Salvador’s Citizens Protest Against Bitcoin
Salvadorans’ attitude has deteriorated in recent days due to annoyance and anxiety of the Law’s approaching implementation, and street demonstrations against Bitcoin have already begun. As Euronews and Reuters reported, hundreds of demonstrators flocked to the streets to express their opposition to the Law. Workers, veterans, and pensioners were among the organizing groups.
The primary source of concern is volatility and instability. According to Reuters, Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union, obligatory adoption of bitcoin could harm Salvadoran finances due to the lack of price control and stability.
“We know this coin fluctuates drastically. Its value changes from one second to another and we will have no control over it,”
Protesters said that nearly no one wants Bitcoin, and they are opposed to its use in a country known for its dictatorial and opaque rules.
To summarize, bitcoin would assist public corruption and the activities of a drug, gun, and people traffickers, as well as extortionists and tax evaders. Additionally, it would create monetary havoc, affecting people’s salaries, pensions, and savings, destroying numerous MSMEs, affecting peasant families and the middle class.
However, it does not appear to be sufficient for Nayib Bukele, who appears to be certain that his decision is the best for his people and believes that his opponents will suffer a double loss once Bitcoin becomes legal tender.
Also Read: Cream Finance Loses $18 Million In Flash Loan Attack
Wallets