When the government of El Salvador passed its Bitcoin Law, it was met with praises and criticisms from financial experts and institutions all over the world.
But this time, the law will have to face its sharpest critic yet ㅡ El Salvador’s own people.
According to the recent surveys, more and more citizens are getting concerned about the possible impact of the Bitcoin Law, and this worry was clearly seen in the streets.
The dominance of President Bukele’s party in the parliament is one of the major reasons why the law was successfully pushed.
The people have spoken
In the video footage provided by the newspaper La Prensa Gráfica, a growing number of El Salvadorans are taking their protest in the streets against the Bitcoin Law.
The organizers of the event said they are urging the government to repeal the law because it lacks major aspects like consultations from the citizens and the technical know-how of authorities.
They also added that the law has the potential to increase illegal activities in the country because of the anonymity provided by Bitcoin.
Simmering tensions
There are no signs of decline in people’s protest against the Bitcoin Law, in fact, even El Salvadoran businessmen are against it because of the possible negative impacts on both price and income. They said the law would only benefit the few and not intended to uplift the country’s economy.
Previously, both the International Monetary Fund and the World Bank criticized the law and made it clear they wouldn’t provide any assistance to support the legislation. The President is yet to release an official statement that will address El Salvadorans’ growing protest.
Image courtesy of Cointelegraph News/YouTube
