El Salvador: Protests in San Salvador as country declares Bitcoin legal tender

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El Salvador’s historic decision to declare Bitcoin legal tender was met with a mixed response on Tuesday. Locals demonstrated in San Salvador over the swift passing of the law by President Nayib Bukele.

From this day on, retailers have to accept the cryptocurrency as a legal payment. Tax payments can also be processed in Bitcoin.

Despite the protests, some residents of San Salvador reacted positively to the implementation of the new law.

“It will help the economy, it will be better to have that currency, so we avoid laundering cash and can even reduce crime,” said a local resident.

Others remain sceptic about the new means of payment regarding the lack of information provided to the public.

“For poor people, it will be difficult because there are many people who cannot read or write, but for traders, it will be easy to use Bitcoin,” said a protester.

Protests were sparked in the countries capital demanding the repeal of the law with signs reading ‘No to dictatorship. No to Bitcoin. Because we have economic freedom.’ Walls on buildings in San Salvador were decorated with anti-Bitcoin graffiti.

The central American country is the first country worldwide to introduce Bitcoin as an official currency. The state provided each citizen with a credit of 30 dollars which can be downloaded an ATM through the virtual wallet ‘Chivo’. Bukele’s administration has secured itself 400 bitcoins (€17.6 million, $20,8 million).

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SOT, Miguel Ange Rodezno, Local resident (Spanish): “For poor people, it will be difficult because there are many people who cannot read or write, but for traders, it will be easy to use bitcoin.”

SOT, Karen Lissette Mayorga, Local resident (Spanish): “They already come with another currency and I do not know what measure they are going to implement so that people are more informed about it because there are those who are not even aware of it.”

SOT, Estefany Chicas, Local resident (Spanish): “Yes, it will help the economy, it will be better to have that currency, so we avoid laundering cash and can even reduce crime.”

SOT, Eduardo Escamilla, Local resident (Spanish): “It can boost the economy, and it is something that can improve the country and enter the globalisation in which the world finds itself.”

#ElSalvador #SanSalvador #Bitcoin

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