Latin America
Related: About this forumEl Salvador Residents Take To The Streets To Protest Against Imminent Bitcoin Legal Tender Law
By Adrian Klent -September 5, 2021
Multiple reports indicate that citizens of El Salvador have taken to the streets to protest against the Bitcoin Law which the government plans to implement by September 7.
According to a Reuters reporter on the ground, late last week in the capital of the country, San Salvador, hundreds of Salvadorans including workers, veterans, and pensioners bearing signs saying No to corrupt money laundering! and We dont want bitcoin, flooded the streets to express their displeasure with President Nayib Bukeles plans to adopt Bitcoin as legal tender.
RedInformativa, a local news outlet, also indicated that the protest is part of a larger protest by war veterans of the country who are demanding about $333 million for the veterans institute in the country. The veterans also expressed a rejection of the implementation of Bitcoin as legal tender.
One of the labor union representatives told Reuters that the union was protesting because it fears that the government may decide to pay pensioners in Bitcoin. They are predicting a situation where their purchasing power can be affected by the volatility of the cryptocurrency.
More:
https://zycrypto.com/el-salvador-residents-take-to-the-streets-to-protest-against-imminent-bitcoin-legal-tender-law/
RandySF
(58,511 posts)Or are they the same?
Judi Lynn
(160,451 posts)Response to Judi Lynn (Original post)
Judi Lynn This message was self-deleted by its author.
Judi Lynn
(160,451 posts)the Presidents determination to move ahead with the implementation of the law to be inadvisable.
The global organizations of which El Salvador is a member, in July, published a report where it explained that the risks of adopting digital assets as legal tender far outweigh the benefits. The article which was authored by two directors of the organization, Tobias Adrian and Rhoda Weeks-Brown, warned at length that the possible effects of the adoption of cryptocurrency by a country could include macroeconomic instability, reduced government revenues, uncertain exchange rate in the international market, legal issues, and a weak monetary policy.
It also warned that domestic prices of goods and services could become highly unstable, financial integrity and compliance could also suffer, and added that banks and other financial institutions could be exposed to the high volatility in the cryptocurrency market.
However, the countrys government still seems to be advancing with the planned implementation. President Nayib Bukele has attributed the protests to being spearheaded by his opposition. The president is confident that the benefits the adoption of Bitcoin as legal tender will bring to the country will silence them.