While the entire cryptocurrency community has felt much pleasure and amusement over El Salvador adopting Bitcoin as its legal tender, a group of El Salvadorians doesn’t seem to be particularly pleased about the law as footage of protest against Bitcoin has come from the country.
The protestors have been clicked holding the banners on which ” Say No to Bitcoin “ is written.
The group of protestors calls itself Popular Resistance and Rebellion Block and has come out to protest El Salvador’s government passing the bill which makes Bitcoin the legal tender of the country. The group has been demanding to revoke the law citing the volatility of Bitcoin as one of the primary reasons.
Local news outlet El Mundo has posted the pictures of protestors who had gathered in a substantial number on the streets of the capital city San Salvador and the group was addressed by Dina Argueta and Anabel Belloso who are the legislative assembly members.
RT @SusanaPenate: Miembros del Bloque de Resistencia y Rebeldía Popular llegaron a presentar una propuesta de derogar la Ley Bitcoin. Salen a recibirlos Dina Argueta y Anabel Bellosopic.twitter.com/CXFLDW4tsr
— Diario El Mundo (@ElMundoSV) July 20, 2021
[ Translation: Members of the Popular Resistance and Rebellion Bloc came to present a proposal to repeal the Bitcoin Law. Dina Argueta and Anabel Belloso come out to greet them ]
The group put forward its multiple grievances related to Bitcoin in a letter that has been mentioned in the tweet as well. It is in the local language. ” Popular Resistance and Rebellion Block ” states that its main concern is the government not taking the common people of El Salvador into consideration while applying Bitcoin law to the country.
It said that the government didn’t even consult the people before passing such a rule and it is only going to benefit some large businessmen, especially those who are linked with the government so that they can launder their black money.
The group also compared the Bitcoin law with a lottery considering the volatility of BTC.
“Betting on the lottery is a voluntary act, while Bitcoin is required by law.”
According to the group of protestors, Bitcoin in the country will only increase corruption, drug consumptions, human and arms trafficking, tax evasion, and monetary chaos. It will affect the middle and lower-middle-class ruining many small to medium businesses as it will directly have an impact on their salaries and pensions.
On June 9, 2021, El Salvador became the first country in the world to adopt Bitcoin as its legal tender after president Nayib Bukele’s proposal passed with 62 out of 84 votes in its favor in the country’s congress. However, the act won’t go into effect till it completes 90 days, i.e, it can only go into effect after 7th September.