Protestors Rampage on the Steets of El Salvador Against Bitcoin Law

Sahaj  |  Jul 24, 2021

Protesters, also known as the Popular Resistance and Rebellion Block spoke out against the government of El Salvador enacting a bill making Bitcoin legal tender and Bitcoin Law. They say that cryptocurrency is too volatile and cannot be used for business. 

El Salvadorians Demanding a Repeal of The Bitcoin Law

El Salvadorians, wave posters declaring "no to Bitcoin" on the streets of San Salvador, according to a Tuesday tweet from local news outlet El Mundo, calling for the country's Bitcoin law to be repealed. After first seeing the demonstrators separated by a razor-wire fence, legislative assembly members Anabel Belloso and Dina Argueta addressed them.

The Popular Resistance and Rebellion Block organization said in a letter distributed at the rally that President Nayib Bukele passed legislation making cryptocurrencies legal tender in the country without sufficient consultation with the citizens. It also mentioned Bitcoin's (BTC) unpredictability, compared it to playing the lottery: "betting on the lottery is a voluntary act, while Bitcoin is required by law."

The group's major gripe with the Bitcoin legal framework appeared to be based on a perceived inequality in the government's use of the cryptocurrency when contrasted to the typical El Salvadorian. Protesters stated:

“Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money. Entrepreneurs who put their capital in Bitcoin will not pay taxes on their earnings. In addition, to apply Bitcoin the government will spend millions of dollars of the taxes paid by the people,” said the letter.

World Bank Refuses To Help To Help El Salvador

The law recognizing Bitcoin as legal currency in El Salvador was passed by the government and signed into law by Bukele in June, but it will not take effect until September 7. The rally was organized by the Popular Resistance and Rebellion Block, who demanded that the law be repealed.

Apart from this, the World Bank has also refused to help El Salvador transition to a Bitcoin-friendly framework, given its “environmental and transparency shortcomings.”

Related News