The new Bitcoin tender law introduced by the regime of one Nayib Bukele may be appreciated by some Salvadorians located near the Playa El Zonte beach, but a number of other citizens don’t feel the same way about it. As per the regional reports of the previous week, citizens from El Salvador have decided to take to the streets to protest against the new bitcoin tender law. If you take a look at the fluffy reports from various crypto magazines, you may believe things are all good in El Salvador as it pertains to the new law.
But, a survey conducted in the first week of July by Disruptive took responses from 1,233 people living in El Salvador and most of them said that they were highly skeptical of the pioneer crypto as a currency. After the new bitcoin tender law was implemented, there were leaked reports claiming that Nayib Bukele’s government is planning to launch a stablecoin. Now, it appears that Salvadorans are protesting the Bitcoin law. They have gathered together to speak out against the law because they said that the crypto is just ‘too volatile’. A resistance group by the name of the ‘Popular Resistance and Rebellion Block’ has also written a letter to Bukele’s regime.
They have stated in the letter that they consider the law to be unconstitutional. According to the group, the citizenry was not first consulted by the bureaucrats under Bukele’s control and they stressed that the move by the president was similar to playing ‘the lottery’. Regarded as an authoritarian leader, Nayib Bukele recently mandated that citizens have to take vaccines for COVID-19, even though there has been significant pushback against experimental drugs. The term ‘dictator’ has been used by a number of publications for El Salvador’s president.
The New Ideas Party of the president fired the attorney general as well as a number of other Supreme Court members last May. In fact, Bukele himself tweeted about it and used the term ‘dismissed’ for the representatives. Many people believe that these members were fired as the Supreme Court had ruled that Bukele had made unconstitutional mistakes a couple of times. Several of the ministers of Bukele’s regime were being investigated by the Salvadoran attorney general. On 4th May, Kamala Harris, the vice president of the United States, talked about the Salvadoran nation in her speech.
She said that they had learned over the weekend that the Salvadoran parliament had attempted to undermine the country’s highest court. She went on to say that a healthy democracy, as well as a strong economy, could only be maintained through an independent judiciary, so a response was necessary. Those who are protesting against the new Bitcoin law also believe that the New Ideas Party is not right. According to the Popular Resistance and Rebellion Block group, Bitcoin is only beneficial for a few large businessmen, particularly those who are connected to the government, for laundering money. While the law has been passed in Salvador, Bitcoin will not be recognized officially until September 7th, 2021.