- Citizens in El Salvador trust that President Nayib Bukele uses Bitcoin as a strategy to stay in power.
- The opposition party suggests that the president hurried the ‘illogical’ process to accept Bitcoin as a legal tender.
- IMF and the World Bank are against the move by Nayib Bukele to make Bitcoin an official currency.
Salvadorians appear on the streets again on Independence Day (Sep 15), protesting against Nayib Bukele, the country’s president. That comes after the critics that followed the BTC Law implementation weeks ago. The actions by the citizens left a Bitcoin kiosk at the nation’s capital, burned down.
Earlier today, a source revealed that protestors had placards noting that ‘Bitcoin is a fraud,’ and ‘no to dictatorship. Moreover, the protestors burnt furniture in a shop at Plaza Gerardo Barrios, where the country installed a Bitcoin kiosk. The report suggests that Mario Duran, Mayor, attempted to clean the town during the protests but failed.
Besides protesting against Bitcoin, citizens trust that the president attempts to consolidate power. That is after he proposed more than 200 constitutional amendments. Among the proposals is excluding the ban on re-electing presidential candidates. That is why Salvadorians demonstrated with ‘no dictatorship’ placards.
El Salvador BTC Law Continues to Face Criticism
The latest demonstrations come after the protestors referring to themselves as the Rebellion Block stormed the streets in July, planning to stop the Salvadorian government from legalizing Bitcoin. In August, another group comprising disability pensioners, veterans, and retirees protested against the BTC law.
Claudia Ortiz, an opposition lawmaker, criticized the Bitcoin decision by the government. She believes that accepting Bitcoin as an official currency was a colossal economic decision, and the procedure by Nayib Bukele was illogical. Remember, the authorities sent the BTC law to Congress, and it received approval the same day.
Ortiz also stated that the country endured a financial crisis with increased unemployment and living cost. With that, she believes the government could concentrate on solving the fiscal issue rather than rushing to legalize Bitcoin.
Besides the resistance in the nations, International Monetary Fund and World Bank disassociated themselves from the El Salvador decision to implement Bitcoin law. IMF trusts that embracing Bitcoin as an official currency result in legal, financial, and macroeconomic issues.
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