Protests in El Salvador over introduction of BTC
Protests in El Salvador over introduction of BTC Protests in El Salvador over introduction of BTC

More and more Salvadorans are protesting a law that will take effect on September 7, 2021. This is when BTC will become legal tender in the country.

While cryptocurrency enthusiasts would certainly be happy to hear that BTC will be available for payment in their country, Salvadorans give two key arguments against it.

Bitcoin legal tender in El Salvador

The very introduction of cryptocurrency in El Salvador is going extremely smoothly. At the beginning of June we described the bill on Bitcoin as legal tender of El Salvador directed to the parliament, and already at the end of the month there was an announcement according to which El Salvador will distribute free bitcoins to its citizens. Meanwhile, an official BTC wallet was announced, and the Central Bank of El Salvador presented drafty guidelines for banks regarding BTC. Unfortunately, not everyone shares President Nayiba Bukele’s enthusiasm, and it’s been a few weeks since news began to surface that Salvadorans are skeptical of bitcoin.

It got to the point where Salvadorans took to the streets and started protests against bitcoin. At the same time, it is worth noting that among the protesters there is no shortage of older people who may indeed be afraid of the new technology.

Why don’t they want BTC in El Salvador?

One of the arguments against the introduction of BTC(the cryptocurrency will become legal tender as early as September 7) in El Salvador is the high price volatility. Salvadorans are therefore concerned that the money they receive one day may lose a lot of value the very next day. Some companies even announce that if the law forces them to accept payments in Bitcoin, customers using such a solution will be charged additional commissions of several to tens of percent.

The second most common argument is that payments in BTC will facilitate corrupt activities. However, while one can agree that changes in BTC exchange rates can be a problem, it is not true that blockchain transactions are anonymous. Even the World Economic Forum

zne recently prepared a report recommending the use of blockchain in the fight against corruption

.

What do you think about the protests in El Salvador? Do the residents really have reason to be unhappy?

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