Huge Anti-BTC Protests Fill The Streets Of El Salvador: Report

Huge anti-BTC protests are filling the streets of El Salvador as Nayib Bukele prepares for the day that the Bitcoin law becomes mandatory as we are reading more in our latest Bitcoin news today.

The waiting period for the Bitcoin law to become mandatory is over and according to the text of the law, all economic agents have to start accepting Bitcoin along with the dollar as a means of payment while teh political situation in the country is only getting worse. Bukele promises that the measure seeks to benefit the people and save the country up to $400 million in remittance commissions that will provide instant and more secure financial transactions. However, the people in the country don’t seem to agree as huge anti-BTC protests fill the streets.

In the past few days, the fear of the application of the law has been exacerbated the mood of Salvadorans and the protests already started taking place in the street against BTC. Hundreds of protesters took to the streets to raise their voices against the law and among the organizing groups were veterans and workers as well as pensioners. Volatility and instability Is the needed point of concern and Stanley Quinteros who is a member of the Supreme Court of Justice’s workers’ union said that the mandatory adoption of BTC could damage Salvadoran finances as there’s no way to control or stabilize the prices.

“We know this coin fluctuates drastically. Its value changes from one second to another and we will have no control over it.”

The protestors explained that almost no one wants to buy BTC and they are against the fact that the use of the crypto could facilitate corruption in a country known for authoritarian and non-transparent policies. The Salvadoran Association of International Cargo Carriers organized huge protests demanding the modification of Article 7 of the BTC law that stipulates the mandatory acceptance of BTC. In the official statement shared by Telesur, the Association stated:

“No Central American carrier contracted by an economic entity in El Salvador will accept bitcoin as a form of payment, creating divisionism in the sector for paying the foreigner in dollars and the nation for being obliged with the cryptocurrency.”

They assured that if they do not receive a response to the requests they will start charging an additional 20% to those that pay freight with BTC to protect themselves from the volatility of the cryptocurrency. A month ago, a group of activists, unions, and students gathered in front of Congress asking for the derogation of the BTC law and they argued that the law was introduced and approved without consultation and could even harm the interest of the people.
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The group introduced a written statement arguing that Bitcoin’s decentralization will do more harm than good so in conclusion, BTC will facilitate public corruption and the operation of arms, drugs and human traffickers, and tax evaders. It will cause monetary chaos and it will hit people’s salaries, savings, and pensions.