24.07.2021 News

Salvadorans vs Bitcoin

We all know that El Salvador was the first to pass legislation to recognize bitcoin as the legal currency in the country.

And now, a month later, more and more opponents of this law appear in the country. So this week, the citizens of the country openly opposed Bitcoin. They argue that cryptocurrency is highly volatile and will also allow companies to “launder money” that they have obtained illegally.

Bitcoin’s opponents call themselves the Block of Popular Resistance and Rebellion.

On July 20, on a tweet from the local news agency El Mundo, we could see residents of El Salvador carrying banners that read “no to bitcoin,” as well as signs announcing the repeal of the bitcoin law.

Members of the Legislative Assembly Anabel Belloso and Dina Argeta tried to resolve the conflict, they addressed the protesters during the march. But for their safety, they did it through a divided barbed wire barrier.

The protest group believes that President Naib Booklet passed the Bitcoin law without consulting the people.

Citizens believe that Bitcoin “only serves a few big businessmen, especially those with government ties, to launder illicit money.”

Also during the protest, a letter was circulated stating, “Entrepreneurs investing in bitcoin will not pay taxes on their income. In addition, to apply bitcoin, the government will spend millions of dollars in taxes paid by people.”

“Bitcoin will foster corruption in society and the activities of drug, gun and human traffickers, extortionists and tax evaders. It will also cause monetary chaos. It will damage salaries, pensions and people’s savings, destroy many MSMEs, and affect low-income families. and will strike a blow to the middle class “- said the locals.

The protest group hopes that through its actions it will force officials to repeal the law, which is due to enter into force on September 7.

Proponents of the law, on the contrary, believe that this will help facilitate remittances, as well as reduce the country’s dependence on the US dollar.

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