The month of September arrived and with it finally the entry into force in El Salvador of the law that allows the adoption of bitcoin as legal tender. This will be from next September 7 and already many Salvadorans show their discontent.
Under this law approved last June in the Central American country, Every economic agent in El Salvador is obliged to accept bitcoin as a payment method. The intention of the Salvadoran president, Nayib Bukele with this initiative is to contribute to the banking of Salvadorans and facilitate the remittance process.
This legislation, which for many is historic for others, has generated a lot of skepticism, firstly it is considered that the approval of the law was rushed and it is not convincing due to the volatility of the cryptocurrency market in general.
“We know that this currency fluctuates dramatically. Its value changes from one second to the next and we will not have any control over it ”says a union leader who is afraid of receiving a salary in digital currency.
A BTC against the USD can change its value in just hours by up to 10%. There is another fear why the people of El Salvador reject the implementation of Bitcoin as legal tender in the country: and it is ignorance and little understanding they have regarding this new technology.
THE HUMBLE PEOPLE DO NOT WANT #BITCOIN, EVERYBODY #We Don’t WantBitcoin, only the #BUKELES they want the #Bitcoin . pic.twitter.com/YeAafHGCqS
– Blanca Huezo (@blanca_huezo) August 26, 2021
The protesters’ posters clearly state “No to Bitcoin.” Some local media in El Salvador have reviewed the news of protests as “A broad campaign of the opposition to the government”.
The Association of International Carriers also protested the use of bitcoin and asked the government to reconsider the approval of this law.
For its part, the Bukele government proposed a fund of $ 150 million dollars in order to guarantee convertibility, that is, to guarantee that bitcoin can return to the dollar at all times.
If the implementation of cryptocurrencies appears to be attractive for migrants who are saved in the financial system of your country, mainly due to its use in sending remittances. In fact, the statistics highlight that the sending of bitcoins to El Salvador quadrupled in the middle of the year.