El Salvadorians Oppose Bitcoin Legalization Scheduled for Sept 7

Hundreds of protesters took to the streets in El Salvador to protest against President Nayib Bukele’s decision to make Bitcoin the country’s legal tender.

On September 7, the law on bitcoins will come into force in the country, according to which the cryptocurrency will have to be accepted on a par with the US dollar. On this day, the Salvadoran state cryptocurrency wallet Chivo will be launched, on which every adult citizen of the country will be able to receive the equivalent of $ 30 in bitcoins.

El Salvadorians Oppose Bitcoin Legalization Scheduled for Sept 7

Nayib Bukele believes that this law will benefit the population and will save about $ 400 million in fees for transfers from abroad. Moreover, it will make financial transactions instant and secure. However, the protesters, which include many workers, veterans and retirees, are concerned that under the new law, they will receive their pensions and social benefits in cryptocurrency rather than dollars. Many people do not understand the essence of the technology behind cryptocurrency. Protesters also fear that the introduction of bitcoin will fuel corruption. Local residents believe that the legalization of bitcoin could negatively affect the development of the country.

El Salvador is now actively preparing to legalize cryptocurrency by installing crypto ATMs and bank branches where local citizens can advise on the possibilities of conducting operations in bitcoins.

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