Since the government of El-Salvador adopted Bitcoin amid other cryptocurrencies as a legal tender in the country, the political situation of the country is getting worse daily.
On the 7th of September, the process of making the bitcoin law mandatory will be concluded. The lines in the law stated that “all economic agents in the country must add BTC to their method of payments alongside the dollar.”
The President of El-Salvador, Nayib Bukele, promised his countrymen that the new development would benefit the nation as the country would save nearly $400 million from remittance commissions while ensuring secure and faster means of financial transactions.
As sweet as this offer is, the citizens do not seem moved.
The Salvadorans Protest Heavily Against Bitcoin
The last few days appeared with more grievance and fear from the citizens of the country over the application of the Bitcoin law. In response to this, they took to the street to express their grievances against the digital asset.
As reported by Reuters and Euronews, protesters in their hundreds have taken to the streets to speak against the Bitcoin laws. There are different categories of people among the protesters, including veterans, workers, and even pensioners.
The major concern and the basis of protest is the instability and volatility of the asset. A member of the Union of Supreme Law Court Workers, Stanley Quinteros, spoke to Reuters that the mandatory adoption of Crypto in the country would cause huge damage to the country’s financial standing as the country doesn’t have control over its stabilization.
Most of the protesters also explained that none of the citizens wants the new Bitcoin development, and they are more against the fact that it could be a ground for brewing corruption in the country, which is known for consistent non-transparent policies.
Other Citizens’ Effort Against BTC
This week has seen different protests at its levels. The Salvadoran Association of International Cargo Carriers (ASTIC) has organized a heavy protest earlier requesting that Article 7 of the new Bitcoin Law enforcing a mandatory adoption of BTC be modified.
They threatened that if the government did not respond to their request, they would charge an extra 20% fee in BTC to protect themselves against the instability and volatility of the digital asset.
There are also a group of students, unions, and activists that staged a protest last month claiming the government did not consult anyone before proposing the mandatory Bitcoin Law. They insisted that the law has the potential to harm the people’s interests.
As it is going, not of the protest has seemed strong enough to shake Bukele as he looks more resolute on his decision than ever. He believes the adoption of bitcoin as a legal tender in the country is in the people’s best interest and a double loss for his adversaries.