Categories: Bitcoin

El Salvador’s new BTC law is causing citizens to take to the streets to protest

El Salvador’s new BTC law is making its citizens take to the streets, protest and not get the popular response they want. So what’s the real problem here? Find out in today’s Bitcoin newsletter.

Despite a three-month ban on protests aimed at preventing the spread of COVID, a day ago a group of El Salvadorans, including left-wing unions and student associations, gathered in the legislative assembly to oppose the use of BTC as the national currency protest the country. The group organized by “Popular Resistance and Rebellion” demanded with banners that the so-called BTC law, which would make BTC legal tender and force companies to accept it, must be withdrawn. The protesters, who make up 77% of Salvadorans, believe this new BTC law in El Salvador is a bad idea, as one activist put it:

“It is a legal uncertainty and can be used to defraud users and also to facilitate money and asset laundering.”

Other opponents expressed concern about the volatility of the BTC price, saying:

“For people on the minimum wage, you can have $ 300 in Bitcoin one moment and $ 300 can become $ 50 the next day.”

The concerns are not new as other major regulators have pointed out fraud and money laundering programs that involve BTC and other cryptocurrencies to keep digital assets out of global adoption. Protesters can complain about the way the law went into effect as a reminder of the president’s control over all aspects of government. Despite the fact that the bill had to go through a fairly strenuous consultation, research and adjustment process, the Bitcoin law was passed six hours after it was officially presented to the National Assembly.

Although approved, the BTC law provides for a 90-day period, which means that the people of El Salvadore will be required to accept BTC from September onwards. But most people are not ready yet. . A recent poll found that around 77% of the country’s population oppose Bukele’s BTC laws, and most remittance recipients in the country prefer using dollars over BTC. The opposition party filed a lawsuit to block implementation.

DC Forecasts is a leader in many crypto news categories, always striving for the highest journalistic standards and adhering to strict editorial guidelines. If you would like to share your expertise or contribute to our news page, please contact us at [email protected]

.

.

Coincu

Recent Posts

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

1 hour ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

2 hours ago

BlockDAG X1 App Receives Huge Response From Community, Hiting Over 200K Users! Latest on Bitcoin & Chainlink Prices

Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…

2 hours ago

Bitcoin Mining Difficulty Tops 100T Hash for the First Time

New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…

3 hours ago

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

4 hours ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.