Former El Salvadorian Government Official Uses the Spotlight to Oppose Bitcoin.
Eugenio Chicas, a former government minister in El Salvador, made his contempt for Bitcoin quite obvious during his recent appearance before the Legislative Assembly’s Special Commission on the Allocation of Funds to Non-Governmental Organizations.
Chicas donned a neckless and a pin with the Bitcoin sign inside the circle-backslash symbol, capitalizing on the media attention. Additionally, he packed several stickers to publicize his “No to Bitcoin” campaign.
El Salvador became the first country in the world to adopt bitcoin as legal cash in June 2021, implementing legislation that takes effect in September. This implies that bitcoin can be used to pay for products and services across the country, and recipients are legally required to accept the currency.
Utilizing bitcoin as legal tender will worsen the monetary limits exposed by dollarization—most significantly, the absence of an independent macroeconomic institutional framework within which to determine domestic policies. Additionally, bitcoin is significantly more volatile than the dollar.
El Salvador, as reported by U.Today, is on course to become the first country to use Bitcoin as legal cash, following the passage of President Nayib Bukele’s historic bill by a supermajority in early June.
While the decision sparked jubilation throughout the cryptocurrency industry, an opposition party has filed a lawsuit challenging the Bitcoin law.
Additionally, a recent survey revealed that the overwhelming majority of Salvadorans were dubious of the leading cryptocurrency.
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