El Salvador Protests Against Bitcoin

Bitcoin as its legal tender

President Nayib Bukele states the cryptocurrency will support Salvadorans working abroad to send money back home.

But protesters worry it will bring uncertainty and inflation to the poverty-stricken Latin American country.

Some demonstrators burned a brand-new Bitcoin cash machine, while others carried flags stating “Bukele Dictator.”

Last week, El Salvador became the primary country to accept virtual currency as a legal tender, besides the US dollar.

The demonstrators congregated in central San Salvador on the 200th jubilee of the country’s independence, waving posters reading “No to Bitcoin” and “Respect the Constitution.”

They blame the president for practicing authoritarian means to harden his grip on power.

Notwithstanding constitutional boundaries, Mr. Bukele has urged concrete control over the courts, which later made him run for office for a second successive term.

Protester Dora Rivera said to Reuters news agency that it’s necessary to say this morning: Enough already! What the government is performing is arrogant. It is authoritarianism.

But Mr. Bukele still holds strong support in El Salvador. A new newspaper survey reveals that 85.7% of people support the president.

 

The First Country to Accept Bitcoin

 

El Salvador has grown the first country to receive Bitcoin as legal tender in a move that has got the nation and the world discussing the possibilities and risks of cryptocurrency.

From the seventh of September, businesses will have to receive the doubtful digital coins as payment.

Millions of taxpayers are expected to download the government’s modern digital wallet application, contributing $30 (£22) in Bitcoin to every citizen.

Bitcoin enthusiasts worldwide have been purchasing $30 worth of digital coins as a show of support and help encourage the volatile currency’s value.

More further than 200 new cash machines are being installed over the country to change dollars into Bitcoin.

Recent demonstrations in the capital, San Salvador, have expressed a lack of trust among citizens who feel the measure is distracting from the government’s questionable rule.

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