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Citizens of El Salvador are protesting against the BTC law

2 min read

Despite a three-month ban on protests to prevent the spread of COVID, a group of Salvadorans made up of left-wing unions, student associations and others met yesterday in the legislature to protest against the country’s adoption of the BTC as the country’s national currency.

Protests in El Salvador against the BTC law and a lawsuit

The group, organized by the “Resistance Bloc and the Popular Uprising”, called for the abolition of the so-called BTC law, which makes BTC legal tender and obliges businesses to accept it. Protesters, like 77% of Salvadorans according to a local poll, think it’s a bad idea.

Citizens of El Salvador are protesting against the BTC law

“It is a law that creates legal uncertainty and could be used to deceive users and also to facilitate money laundering and money laundering,” said activist Idalia Zuñiga.

Another protester expressed concern about BTC price volatility. “Those who earn the minimum wage may have $ 300 in BTC at one point, and the next day that $ 300 may change to $ 50,” she said before pointing to BTC’s price drop from $ 63,595 in April today.

Deprecated receipts

Protesters are also rightly asking how the law actually came about, as it is a reminder of President Nayib Bukele’s control over all branches of the Salvadoran government and his authoritarianism. Despite the fact that the law must normally go through a demanding process of study, consultation and adaptation, the BTC law was passed less than six hours after Bukele officially introduced it to Congress.

Although already approved, the BTC law provides for a period of 90 days before it enters into force, which means that Salvadorans will be required to adopt the BTC in September.

Most are not ready. A recent survey revealed that approximately 77% of the country’s population rejects Bukele’s BTC law, and most traders in the country would prefer to handle dollars rather than BTC. The opposition party has already filed a lawsuit to prevent the BTC law.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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