• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Anti-Bitcoin protests are ongoing in El Salvador ahead of legalization

August 31, 2021
in Regulations
Reading Time: 3 mins read
A A
0
Anti-Bitcoin protests are ongoing in El Salvador ahead of legalization
0
SHARES
7
VIEWS
ShareShareShareShareShare

The citizens of El Salvador took to the streets to protest the adoption of the country’s new Bitcoin law on Friday. According to a report from Euronews, hundreds of demonstrators marched through the capital San Salvador to express their concerns about using a cryptocurrency as a legal tender.

Protestors were seen holding up signs saying “Bukele, we don’t want Bitcoin” and “No to corrupt money laundering.”

Personas manifestándose en contra del Bitcoin. Pero @FCristales dice que la oposición es la que lo critica.

No mi ciela, el sector agricultor y los vendedores informales también lo rechaza. #NoAlBitcoin pic.twitter.com/u0ZZel21eU

— Juan Diego Fiallos Saade (@fiallaJD) August 30, 2021

Veterans and blue-collar workers concerned about the country’s Bitcoin-dependent fiscal policy

The protests were organized by worker’s unions and saw significant participation from war veteran groups, pensioners, and students. All of the groups united around a single issue—Bitcoin’s volatility.

Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union, said that the lack of control the state had over Bitcoin’s price was what pushed most of them to protest the law.

“We know this coin fluctuates drastically. Its value changes from one second to another and we will have no control over it,” he told Reuters.

Set to take effect on September 7th, the new law would put Bitcoin on par with the U.S. dollar as a legal tender in the state. This means that the state could use the cryptocurrency to pay for pensions, welfare, and other social programs—a future that worries the state-reliant pensioners and veterans.

Last month, a group of students and union representatives also requested the state removed the Bitcoin law, arguing that it was passed without any consultation with citizens. The united group also published a written statement warning that Bitcoin would facilitate corruption and tax evasion, affecting the lower and working class.

The Salvadoran Association of International Cargo Carriers (ASTIC) has also participated in the protests, demanding the state modified Article 7 of the Bitcoin Law that makes it mandatory for all companies and individuals in the country to accept payments in Bitcoin.

The Association said that if the article isn’t removed or modified, it will begin charging an additional 20% fee for all freight payments made in Bitcoin.

However, the protests don’t seem to have affected El Salvador’s plans to implement the law. The government is currently installing 200 Bitcoin ATMs and 50 financial branches across the country which will enable Salvadorans to convert the cryptocurrency into US dollars and withdraw it in cash.

El Salvador will also uphold its plan to airdrop $30 worth of BTC to the country’s 4.5 million residents by the end of the year.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Top Five Tech Billionaires Worth $567B, more than 80 Poorest Countries Combined

Next Post

IMF releases Bitcoin (BTC) ‘risk’ warning… again

Related Posts

Turkish watchdog stretches rules and allows crypto wallets to collect aid
Regulations

Turkish watchdog stretches rules and allows crypto wallets to collect aid

February 8, 2023
6
South Korea issues guidance on security tokens, STOs
Regulations

South Korea issues guidance on security tokens, STOs

February 6, 2023
3
CFTC commits to regulating crypto products that are not securities
Regulations

CFTC commits to regulating crypto products that are not securities

February 4, 2023
4
Binance, Kazakhstan agrees on ‘wait-and-see’ approach in regulating DeFi
Regulations

Binance, Kazakhstan agrees on ‘wait-and-see’ approach in regulating DeFi

February 4, 2023
5
DOJ probes Silvergate over FTX, Alameda ties
Regulations

DOJ probes Silvergate over FTX, Alameda ties

February 3, 2023
3
Next Post
IMF releases Bitcoin (BTC) ‘risk’ warning… again

IMF releases Bitcoin (BTC) 'risk' warning… again

Recommended

Bitcoin Price Analysis: Post-Surge Moderation

Bitcoin Price Analysis: Post-Surge Moderation

January 16, 2023
4
Market bear reveals his top pick for 2023

Market bear reveals his top pick for 2023

February 7, 2023
4
Goldman Sachs reveals one of the best-positioned retail stocks

Goldman Sachs reveals one of the best-positioned retail stocks

January 31, 2023
4
World’s Textile Industry Attempts a Spirited Post-Pandemic Comeback at Frankfurt Trade Fair

World’s Textile Industry Attempts a Spirited Post-Pandemic Comeback at Frankfurt Trade Fair

January 28, 2023
7
‘Reports of our death were premature’

‘Reports of our death were premature’

January 25, 2023
4
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Coinbase-Backed DeSo Unveils MegaSwap, a “Stripe for Crypto” product, with Over $5 Million in Volume
  • 2023 will be the birth for IOTA 2.0 and the launch of a groundbreaking new blockchain era
  • Turkish watchdog stretches rules and allows crypto wallets to collect aid

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?