简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The people of El Salvador are protesting against Bitcoin bill
President Nayib Bukele‘s bill that granted Bitcoin (BTC) a legal tender status in El Salvador is yet to be enforced in September but after the country’s distrust of the new legislation became apparent through opinion surveys, Salvadorans started voicing their disapproval in the streets.
Bukele effectively pushed the law through parliament, thanks to his Nuevas Ideas partys majority in the assembly but he has yet to address the public dissatisfaction as citizens demonstrate outside the National Assembly in El Salvador.
No to Bitcoin
Judging by their unambiguous “fight against Bukeles regime” and “no to Bitcoin” banners shown in the video shared by the newspaper La Prensa Gráfica, protesters were categorical about not wanting Bitcoin in El Salvador.
A left-wing movement Bloque de Resistencia y Rebeldia Popular that organized the protest presented a brief, requesting the repeal of the Bitcoin Law, stating that “it was imposed by President Nayib Bukele without consulting the people, improvised and without technical studies.”
The representatives who issued the statement argued that the new legislation would facilitate illegal activities, monetary chaos and further damage the low and middle class.
Another kind of resistance levels
While the organization argued that according to opinion polls most of El Salvadors citizens and the majority of businessmen disapprove of the law as it will have negative consequences on prices and income and only benefit the selected few, one of the deputies who supported the movement against the Bitcoin adoption stated at a press conference that “nobody wants Bitcoin.”
Analía Belloso also expressed concern about the leak of meetings the presidents brothers held with foreign entrepreneurs for the creation of a digital colón, though the presidency denied a plan involving Salvadoran stablecoin pegged to the US dollar is still in force.
As the International Monetary Fund and the World Bank promptly criticized the legislation and declined their support, the Farabundo Martí National Liberation Front opposition party filed a legal action in order to block Bukele‘s legislation, calling it unconstitutional but the President said he can’t see anything stopping Bitcoin in El Salvador,
With Bukele still having weeks to complete the process, no one, including him, ever said this is going to be easy.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Global market jitters spread to crypto at the weekend, with Bitcoin falling to $42K before bouncing to almost $50K.
Bitcoin futures ETF – when not if? Bitcoin all-time high likely to be tested soon.
The market has slightly increased after a fall, and only some coins are in the red zone.
Pair Holds Steady After BCH SV 51% Attack