El Salvador became the first country to adopt Bitcoin as their legal tender some months ago. Well, the decision doesn’t seem to go down well with some El Salvadorans as they matched in their thousands in protest to show their anger over the introduction of a cryptocurrency as a legal tender in the country.
The protesters feat that Bitcoin will bring instability and inflation to their already impoverished Latin American country. Protesters went as far as setting fire to a brand-new Bitcoin machine, while others held placards reading “Bukele Dictator”.
President Nayib Bukele said the cryptocurrency will help Salvadorans working abroad to send money back home. The virtual currency will work alongside the US dollar in the country but it doesn’t look like the citizens want to accept.
The protesters gathered in the country’s capital San Salvador on the 200th anniversary of the country’s independence, displaying placards reading “No to Bitcoin” and “Respect the Constitution”. They are accusing the president of using authoritarian means to hold his grip on power.
We have kept tabs with all the reports coming in from El Salvador right from the moment their Legislature passed a bill that made Bitcoin a legal tender up to the very moment it officially became a law in the country.
Make sure you check back here as we bring you the latest events in El Salvador as they unfold.
Previous Articles:
- Cardano’s New Alonzo Upgrade Already Showing Positive Signs
- Ethereum Vs. Bitcoin Vs. Dogecoin – Which One Is Right For You?
- Litecoin Price Appreciates By 35% Following Fake Walmart Adoption Reports
- Standard Chartered: Bitcoin Will Reach $100,000 by the end of 2021
- Ukraine Okays Law To Make Bitcoin and Other Cryptocurrencies Legal
