El Salvadorans take to the streets to oppose the Bitcoin law. to protest

Protesters calling themselves fashionable resistance and revolt have spoken out in opposition to the authorities of El Salvador, which is passing a legislation that makes Bitcoin authorized.

A tweet from the native newspaper El Mundo on Tuesday Shows El Salvadorans carry banners on the streets of San Salvador that learn “No to Bitcoin” calling for the nation’s Bitcoin legislation to be repealed. Legislative Assembly MPs Anabel Belloso and Dina Argueta turned to protesters after they first met when the group was separated by a barbed wire fence.

RT @SusanaPenate: Miembros del Bloque de Resistencia y Rebeldía Llegaron introduced a present una propuesta de Derogar la Ley Bitcoin. Salen a Recbirlos Dina Argueta and Anabel Bellosopic.twitter.com/CXFLDW4tsr

– Diario El Mundo (@ElMundoSV) July 20, 2021

In a letter at the rally, the fashionable resistance and revolt bloc group claimed that President Nayib Bukele had handed a legislation making cryptocurrencies authorized tender in the nation with out consulting the inhabitants. It additionally cites Bitcoin’s (BTC) volatility and compares investing in crypto to lottery video games: “Betting on the lottery is a voluntary act, while Bitcoin is a legal requirement.”

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However, the group’s principal grievance about Bitcoin’s regulatory framework seems to deal with the perceived variations in authorities use of the cryptocurrency in contrast to the common El Salvadoran resident. Protesters mentioned Bitcoin “only serves a few big business people, especially those with government affiliations, to launder illegal money.”

“Business people who invest in Bitcoin do not have to pay tax on their income,” the letter mentioned. “Also, the government will spend millions of dollars in taxes people will have to pay to introduce Bitcoin.”

They added:

“Bitcoin will facilitate public corruption and the actions of drug, arms and human traffickers, extortionists and tax evaders. It may even trigger forex chaos. It will have an effect on individuals’s wages, pensions and financial savings, wreck many MSMEs and have an effect on low-income middle-class households. “

Although the law was passed by the government of El Salvador and signed by Bukele in June, the law recognizing Bitcoin as the country’s legal currency will not go into effect until September 7th. In addition, due to “environmental and transparency deficiencies”, the World Bank has refused to help El Salvador transition to a Bitcoin-friendly framework.

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During a scheduled visit to the U.S. Department of State earlier this month, Secretary of State Victoria Nuland suggested El Salvador ensure that Bitcoin is well regulated and transparent, but did not speak out against the exchange. Some proponents of the law, including Bukele, have suggested that Bitcoin could help facilitate wire transfer payments from overseas Salvadoran citizens and reduce the country’s dependence on the capital.