Protests in El Salvador after bitcoin became official currency

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Thousands of protesters took to the streets of El Salvador a week after the Central American nation became the first in the world to adopt bitcoin as legal tender alongside the US dollar.

Most of the protesters in San Salvador, the capital of El Salvador, were peaceful, but some smashed and set at least one bitcoin machine on fire on Wednesday, according to reports. Some wore shirts saying NO to bitcoin and displayed anti-bitcoin graffiti along protest routes. Others carried signs with the bitcoin logo crossed out.

President Nayib Bukeles’ controversial deployment of a digital bitcoin wallet in the country has reportedly been plagued by problems, and service has often been interrupted for maintenance.

The price of bitcoin fell 16% on the day it was adopted by El Salvador – and apparently just after the country’s government bought 400 bitcoins, worth around $ 21 million at the time, which in fact the first country to put bitcoin on its balance sheet and keep it in its reserves.

Bukele said the country bought another 150 bitcoin after the drop.

Some protesters wore NO to bitcoin shirts and sprayed anti-bitcoin graffiti along the protest routes.

What the government is doing is arrogant is authoritarianism, ”49-year-old protester Dora Rivera told Reuters.

The Wednesday march was the first major protest against Bukele since taking office in 2019. It took place on the occasion of El Salvador’s bicentenary.

Supporters of the bitcoin law argue that it will help the 70 percent of the country’s citizens who do not have a bank account to access financial services.

They also say that citizens living abroad who wish to send money to their families will be able to use bitcoin to avoid expensive money transfer services. About a quarter of Salvadoran citizens live in the United States and last year they sent home more than $ 6 billion in funds, Bukele said previously.

Critics say Salvadoran President Nayib Bukele has taken power in recent months. Getty Images Protesters smashed and torched at least one bitcoin ATM. PA

But critics say the adoption of bitcoin is a flashy Bukeles party ploy to distract from the country’s serious economic problems.

Bitcoin was a very big economic decision, and it was done in a totally illogical way, sent to Congress and passed the same day, opposition lawmaker Claudia Ortiz told Bloomberg. We are going through a deep fiscal crisis with high cost of living and high unemployment and the government’s response, instead of serious economic policy, is to adopt bitcoin as legal tender.

On Twitter, Bukele claimed that the vast majority of protesters were complicit in vandalism.

Critics say the adoption of bitcoin is a flashy Bukeles party ploy to distract from the country’s serious economic problems. Getty Images

They say the vandalism was the work of infiltrators, but there was vandalism in ALL of their protests, ”Bukele wrote. And why weren’t there any stop cries or “Don’t do that”?

Protesters who organizers estimated to number around 4,500 were also marching against what they called Bukele’s takeover.

In May, the Bukeles party sacked five judges from the constitutional panel of the country’s Supreme Court and filled their places with friendlier replacements. Shortly after, the court rejected what had long been interpreted as a constitutional ban on consecutive presidential terms, paving the way for Bukele to potentially get re-elected in 2024.

What the government is doing is arrogant is authoritarianism, ”said one protester. According to REUTERS, about 4,500 people marched on Wednesday. Getty Images Wednesday’s march was the first major protest against Bukele since taking office in 2019.AFP via Getty Images

With the fire, the wires

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