Despite a three-month prohibition on rallies, a gathering of Salvadorans comprised leftist unions, student groups, and others gathered before the Legislative Assembly yesterday to denounce the country’s acceptance of Bitcoin as its official currency.
The “Block of Resistance and Popular Rebellion” organized the protest. The protest demanded the repulsion of the Bitcoin Law, by using banners and slogans. The Bitcoin Law makes BTC legal money and requires companies to accept it.
But the protestors, like other estimated 77% of Salvadorans, believe it’s a faulty idea.
The activist Idalia Zuñiga said:
“It is a law that generates legal insecurity, and could use that to defraud users and also facilitate money and asset laundering.”
Another protestor voiced worry about the price volatility of Bitcoin. “For those earning minimum wage, you may have $300 in Bitcoin one day and $50 the next,” she added. Therefore, referring to BTC’s price drop from a peak of $63,595 in April to less than half today.
Scams Utilizing Bitcoin
The worries of the protestors are not new. Central governments have cited scams and money laundering schemes utilizing Bitcoin and other cryptocurrencies. Using these factors to prevent the worldwide acceptance of digital assets.
Protesters also expressed their displeasure with the law’s passage. As it serves as a reminder of President Nayib Bukele’s authority over all parts of the Salvadoran government.
Adoption of the Bitcoin law
It took less than six hours for the adoption of The Bitcoin Law from when Bukele formally presented it to Congress. This was done despite the law typically going through a lengthy process of analysis, consultation, and amendments.
The adopted Bitcoin Law has a 90-day implementation timeframe. Therefore, means Salvadorans will be required to take Bitcoin by September.