El Salvador recently took a bitcoin (BTC) law on. This means that from the beginning of September, bitcoin will be recognized as a legal tender in the Central American country. The law was initially adopted with applause, but now more and more Salvadorians are saying that they are not happy with it at all.
This is again apparent from protests on July 21 in El Salvador. A large group of Salvadorians march through the streets of San Salvador, the country’s capital. They march with banners bearing statements such as “say no to bitcoin,” “bitcoin law = money laundering” and “fight the regime of Nayib Bukele,” the president of El Salvador.
The above video was published by La Prensa Gráfica, a popular newspaper in the country. The activists demand the repeal of the new law. One of the activists, Idalia Zuñiga, says:
“It is a law that generates legal uncertainty and can be used to defraud people and also to facilitate money and asset laundering.”
However, many people are unaware that bitcoin is not very suitable for money laundering, partly due to all the misinformation and fear, uncertainty & doubt (FUD) the omtrent cryptocurrency is distributed. Another activist is particularly concerned about the volatility of the bitcoin price:
“For those earning minimum wage, one minute you might have $300 in Bitcoin and the next day that $300 could suddenly turn into $50.”
Recently, a study showed that 65% of respondents in El Salvador are not open to the idea of getting paid in crypto. Also recently the opposition party diende in El Salvador a charge against the law. JPMorgan said last week that the law can cause problems for the country as well as the crypto itself. The Salvadoran government also wants to release their own crypto.
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