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Bitcoin adoption law spark protests in El Salvador

Locals have taken to the streets in El Salvador to protest against the bitcoin adoption law, Coin Telegraph reports.

They stormed the streets of San Salvador wielding banners that read “no to bitcoin” calling on the government to reverse its stance on the issue.

The protesters who call themselves “Popular Resistance and Rebellion Block group” say that the bitcoin adoption law is flawed because the token is unstable and will help individuals and businesses “launder ill-gotten money.” 

“Bitcoin would facilitate public corruption and the operations of drug, arms and human traffickers, extortionists and tax evaders. It would also cause monetary chaos. It would hit people’s salaries, pensions and savings, ruin many MSMEs, affect low-income families and hit the middle class.” A letter from the protesting group read.

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Protesters also lamented that President Nayib Mukele enshrined bitcoin as a legal tender without liaising with the people.

Two members of the Legislative Assembly of El Salvador, Anabel Belloso and Dina Argueta met with the crowd to address them.

The popular Resistance and Rebellion Block group claim that the bitcoin adoption law “only serves some large businessmen,” and not the masses.

El Salvador’s law doesn’t take effect until 7th September. The World Bank has refused to provide transitional assistance, citing environmental and transparency shortcomings.”

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