Fun

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

News Feed - 2021-07-25 08:07:16

Group of Salvadorans Take to the Streets to Protest El Salvador"s New Bitcoin Law


While some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law. Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ and Like ‘Playing the Lottery’


One might think from some of the fluffy reports stemming from a number of cryptocurrency magazines that all is swell in El Salvador in regard to the new bitcoin law. However, during the first week of July, a survey conducted by Disruptiva polled 1,233 people residing in El Salvador and a majority of Salvadorans said they were skeptical of bitcoin as a currency. Following the implementation of the new bitcoin tender law, leaked reports claimed Nayib Bukele’s government cohorts were planning to launch a stablecoin.



Now a regional report from the news outlet El Mundo shows a number of Salvadorans have taken to the streets to protest the bitcoin law. Marchers gathered together to speak out against Bukele’s tender law and said the crypto asset was “too volatile.”


There’s also a resistance group called the “Popular Resistance and Rebellion Block” group, which has written a letter to Bukele’s regime saying the law is unconstitutional. The group says bureaucrats under the control of Bukele did not consult the citizenry first and they stressed the president’s move was akin to playing “the lottery.” Nayib Bukele Is Considered a ‘Dictator’


Nayib Bukele is considered an authoritarian leader and recently mandated that citizens must take Covid-19 vaccines, despite the pushback against the experimental drugs. A number of mainstream American news publications have called El Salvador’s president a “dictator.” Last May, Bukele’s New Ideas Party fired several Supreme Court members and the attorney general. Despite leaning toward bitcoin, El Salvador’s president has been called a “dictator.” In recent times he’s been criticized for mandating Covid-19 vaccines on the populace without full consent. Twenty government institutions linked to the Bukele administration were under investigation for manipulation and corruption. He then fired all those who were involved in the investigation. The news publication El Faro has also accused Bukele of secretly negotiating a deal with Mara Salvatrucha, the most powerful gang in El Salvador.


Bukele even tweeted about the removal and exclaimed the representatives had been “dismissed.” People believe the members were fired because the Supreme Court ruled a few times that Bukele made unconstitutional mistakes. The Salvadoran attorney general was investigating several of the Bukele regime’s ministers.


On May 4, U.S. vice president Kamala Harris spoke about the Salvadoran nation in a speech. “Just this weekend, we learned that the Salvadoran parliament moved to undermine its nation’s highest court. An independent judiciary is critical to a healthy democracy and a strong economy. On this front — on every front — we must respond.” Resistance Group Says ‘Bitcoin Serves the Elite and Ill-Gotten Money’


Protestors who dislike the new bitcoin law also believe Bukele’s New Ideas Party is in the wrong. The Popular Resistance and Rebellion Block group stressed: Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money.


While the supermajority in the Salvadoran congress passed the law, bitcoin (BTC) won’t officially be recognized until September 7, 2021. Protestors hope that in the interim, Salvadoran lawmakers will stop Bukele’s New Ideas Party from successfully implementing the legislation. Meanwhile, a few Salvadorans disliked the group’s protest and said: “How can they be called resistance and rebellion? Hahaha… Bitcoin is true financial freedom.”


“Sad to see people who seek to go backward and limit the growth of the country,” another individual added.


What do you think about the protestors who dislike the new Salvadoran bitcoin tender law? Let us know what you think about this subject in the comments section below. Circle K Deploys Bitcoin ATMs in Stores Across US and Canada — Over 700 Machines Already Installed NEWS | 6 hours ago After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance NEWS | 12 hours ago Tags in this story Bitcoin, Bitcoin Law, Bitcoin Protest, Bitcoin Tender, Bitcoin Tender Law, BTC tender law, Corruption, Dictator, El Salvador, El Salvador"s president, Kamala Harris, Nayib Bukele, Nayib Bukele tender law, Popular Resistance and Rebellion Block, protesting the tender law, protestors, Resistance Group, Salvadorans, Supreme Court


Image Credits: Shutterstock, Pixabay, Wiki Commons, El Mundo Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Ezra Reguerra13 hours agoLufthansa airline launches NFT loyalty program on PolygonAirline passengers can collect NFTs and then get rewards, such as flight upgrades or airport lounge access, after completing NFT sets.3902
Keyfi Founder Sues Celsius — Says Crypto Lender’s Entire Portfolio Had ‘Naked Exposure to the Market’
Keyfi Founder Sues Celsius — Says Crypto Lender’s Entire Portfolio Had "Naked Exposure to the Market" On July 7, 2022, the pseudonymous non-fungible token (NFT) collector known
Amaka Nwaokocha1 hour agoHashdex joins race for spot Bitcoin ETF with unique strategyHashdex’s approach differs from recent filings as it won’t depend on the Coinbase surveillance sharing agreement, opting to acquire
PEPE Midterm Price Prediction: Is A 326% Rally To $0.00003474 Possible From Here?
Este artículo también está disponible en español. A crypto analyst has just unveiled a midterm Pepe price prediction, forecasting that the frog-themed meme coin could see
Anchored Coins warns of potential issues for AEUR amid FlowBank collapse
Turner Wright5 hours agoAnchored Coins warns of potential issues for AEUR amid FlowBank collapseThe stablecoin issuer said there was a risk of a “respective loss for the holders of AEUR tokens” due to FlowBank’s ba
Ethereum core devs launch ‘pump the gas’ effort to raise gas limit
Martin Young4 hours agoEthereum core devs launch ‘pump the gas’ effort to raise gas limitThe devs argue that raising the gas limit to 40 million will cut Ethereum’s layer-1 transaction fees by 15%–33%.2952 Total
Ezra Reguerra11 hours agoSmart contracts continue to rise amid market downturn: BNB Chain Q2 reportBNB Chain noted that the rise in verified smart contracts highlights the demand for security, reliability and scalability
Slew of Venture Funds, Eminem, Paul Rosenberg Inject $30 Million Into NFT Platform Makersplace
Slew of Venture Funds, Eminem, Paul Rosenberg Inject $30 Million Into NFT Platform Makersplace On Wednesday, the non-fungible token (NFT) market platform Makersp
Elon Musk, Mark Cuban Discuss Using Dogecoin to Solve Twitter Spam Problem
Elon Musk, Mark Cuban Discuss Using Dogecoin to Solve Twitter Spam Problem Shark Tank star Mark Cuban has come up with a way to solve Twitter’s spam problem using the meme c
Bitcoin Price Crash Below $100,000 Not The End As Analyst Predicts Another 52% Jump
Este artículo también está disponible en español. The Bitcoin price action in the past 24 hours saw it breaking below the $100,000 price mark again very briefly before br
Dow Jones Stock Spooks Investors & It Could Be a Robot’s Fault
It"s Friday the 13th – not to mention the fact that there"s a full moon tonight – and one Dow Jones stock has investors feeling very afraid. | Credit: APIt’s Fri
Cardano Will Reach $1.50 Once The $1.10 Resistance Breaks – Details
Este artículo también está disponible en español. Cardano (ADA) has been a focal point of the crypto market’s volatility, experiencing sharp price swings over the past