Image courtesy: Reuters
President Nayib Bukele claims that the cryptocurrency will make it easier for Salvadorans working overseas to transfer money home. Demonstrators, meanwhile, are concerned that it would cause instability and inflation in the impoverished Latin American country. Some protestors set fire to a brand-new Bitcoin ATM, while others chanted “Bukele Dictator.” El Salvador became the first country to utilise the virtual money as legal cash alongside the US dollar last week. On the 200th anniversary of the country’s independence, protestors gathered in San Salvador’s capital, carrying signs saying “No to Bitcoin” and “Respect the Constitution.”
They accuse the president of employing authoritarian methods to consolidate power. As Bitcoin becomes legal tender, there is both fear and enthusiasm. El Salvador is split regarding the legality of Bitcoin as a form of payment.
Mr Bukele has taken steps to consolidate influence over the judiciary, which recently authorised him to run for office for a second consecutive term against constitutional limitations. “This morning, it’s critical to say: Enough now! The government’s actions are arrogant and autocratic “Dora Rivera, a demonstrator, said Reuters.