Protests In El Salvador Against Bitcoin As Legal Tender

Just but a week ago the south American nation El Salvador adopted bitcoin as legal
tender along side it’s local currency, the capitol San Salvador has witnessed
demonstrators gathered on the 200th anniversary of the country’s independence to
protest against the adoption of bitcoin as legal tender saying it will bring
instability and a hike in inflation to the country.

The roll out of bitcoin in El Salvador was far from what the President Nayib Bukele
would have envisaged when he began his bold experiment. At first the price of
bitcoin took a dip on it’s first day as legal tender in El Salvador, falling about 20% at
some point.

Also the he clearly do not have full support of the citizens as Salvadorans has shown
their detest and anger towards the idea of cryptocurrency as a legal tender despite
the government giving Salvadorans bitcoin worth $30 each to encourage it’s
adoption.

However, El Salvador’s president Nayib Bukele claims that cryptocurrency would
help boost the country’s economy as it will help increase remittance back home by
Salvadorans working abroad even though the protesters do not agree with this as
some protesters set fire to bitcoin machine, saying that bitcoin will cause instability to
the economy and may fuel illicit transactions.

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