September 26, 2021

El Salvadorians take to the streets to protest bitcoin legalization

El Salvadorians take to the streets to protest bitcoin legalization

El Salvador held protests this week against a law that makes bitcoin legal tender.

Representatives of the group calling themselves Blokpopular resistance and uprising, took to the streets with demands to abolish the legalization of the first cryptocurrency. In a written appeal to the government, protesters accused President Naib Bukele of taking the decision without even discussing it with citizens. The group compared Bitcoin to a lottery in which the authorities obliged everyone to participate.

However, the main complaint is protesters is that the cryptocurrencywill only help officials and big business, while ordinary citizens will do more harm than good. In a petition, the popular resistance and uprising bloc said the use of bitcoin would contribute to corruption, money laundering, tax evasion and drug trafficking.

Adding that the government will spend millions of dollars from the state treasury to organize the new system.

Since the adopted legalization law will come into force only on September 7, protesters are asking officials to cancel it before it begins to harm the population.

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