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Salvadorans push back against new bitcoin law

Salvadorans push back against new bitcoin law


El Salvador has become the first country to adopt bitcoin as legal tender. However, not all of the population was encouraged by these innovations. Some citizens even took to the streets to challenge this controversial decision of President Nayib Buquele.

In San Salvador, the capital of El Salvador, about 1,000 people attended the street protests. They demand to cancel the government decree recognizing bitcoin as the national currency. The main reason for the discontent was the fear that the introduction of the cryptocurrency will promote corruption, which is already flourishing in Latin America. Besides, local retirees do not want to receive their pensions in an unstable currency.

"We know this coin fluctuates drastically. Its value changes from one second to another and we will have no control over it," a protesting representative of the Supreme Court trade union said. Officials of the International Monetary Fund could not agree more. According to them,  bitcoin as an official currency seemed unreliable. The IMF warned that the government is running the risk of making domestic prices volatile. In addition, it will become more difficult to combat money laundering and achieve carbon neutrality.

The official means of payment in El Salvador was the US dollar, but from September 7, bitcoin received the status of a legal financial instrument. The corresponding law was passed by Congress in early June. According to President Nayib Bukele, this measure will help create jobs in the country and make financial investments more affordable for many citizens. 

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