Almost a week after El Salvador finishes adopting Bitcoin as legal tender, the political situation in the Central American country remains in crisis. It is expected that it will be next September 7 when the waiting period ends for the new Bitcoin Law to become mandatory.
Previously, Nayib Bukele, president of El Salvador, assured that the arrival of Bitcoin to the country will benefit the people and will save the country close to 400 million dollars in remittance commissions, thanks to its instant, secure and guaranteed financial transactions. However, Salvadorans do not agree.
Protests in El Salvador protest against Bitcoin
The insecurity of the population before the arrival of the new Bitcoin Law has made Salvadorans take to the streets to demonstrate against Bitcoin, as reported by Reuters. Organizing groups included workers, veterans and retirees.
The reason? Volatility and instability is the crux of this rally. For Stanley Quinteros, a member of the workers union of the Supreme Court of Justice, the mandatory adoption of bitcoin could damage Salvadoran finances since there is no way to control or stabilize prices.
“We know that this currency fluctuates dramatically. Its value changes from second to second and we will have no control over it, ”he told Reuters.
Likewise, the protesters assured that almost no one wants Bitcoin and that its implementation could facilitate corruption in a country known for its authoritarian and non-transparent policies.
It is not the first manifestation
Last week, the Salvadoran Association of International Freight Carriers (ASTIC) also organized massive protests in which they demanded that article 7 of the Bitcoin Law, which stipulates the mandatory acceptance of Bitcoin, be modified.
In an official statement shared by Telesur, the Association noted:
“No Central American carrier hired by an economic entity in El Salvador will accept bitcoin as a form of payment, creating divisions in the sector for paying abroad in dollars and the national for being obliged with the cryptocurrency.”
In case their requests were not heard, the protesters threatened to charge an additional 20 percent fee to those who pay the freight with Bitcoin to protect themselves from the volatility of the cryptocurrency.
In July this year, a group of activists, students and unions met in front of Congress to call for the repeal of the Bitcoin Law arguing that this new law was introduced and passed without any consultation and could potentially harm the interests of the people.
The group submitted a written statement that the decentralization of Bitcoin could do more harm than good.
“In conclusion, bitcoin would facilitate public corruption and the operations of drug, arms and human traffickers, extortionists and tax evaders. It would also cause monetary chaos, affect people’s salaries, pensions and savings, ruin many MSMEs, affect peasant families and affect the middle strata ”.
Despite this, President Nayib Bukele does not seem to seek to back down with the decision, since he is sure that it will be the best decision to support the people and even believes that his adversaries, the opposition, will remain as liars and they will lose twice as much.
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