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Wednesday, October 27, 2021

El Salvador – Bitcoin is legal tender. Protests are ongoing

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El Salvador recently became the first country in the world where you can pay with bitcoin. The payroll revolution, however, did not appeal to the inhabitants of this country. Thousands of Salvadorans protested Wednesday, expressing their fears of destabilization and inflation.

The protesters gathered in San Salvador on the 200th anniversary of independence.

Protests in El SalvadorPAP / EPA / Rodrigo Sura

Some of them set fire to an ATM that was supposed to handle cryptocurrency payments. Some of the demonstrators held banners that read “Bukele Dictator”, “Not for Bitcoin” and “Respect the Constitution”.

Salvadoran President Nayib Bukele advocated the introduction of this form of payment and indicated that it would lower the commission on billions of dollars sent to the country from abroad.

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Protests in El SalvadorPAP / EPA / Rodrigo Sura

Protesters also accuse the president of using authoritarian means to tighten his power in the country. The changes in the judiciary introduced by Bukele enabled him to re-run in the elections despite constitutional restrictions on terms of office.

– It is important to say this morning: enough! What the government is doing is arrogant is authoritarianism, protest participant Dora Rivera told Reuters.

Protests in El SalvadorPAP / EPA / Rodrigo Sura

El Salvador. Bitcoin is a legal tender

Last week, El Salvador became the first country in the world to adopt bitcoin as its official currency. According to supporters, this will lower the commission on billions of dollars sent to the country from abroad, but critics say it could facilitate money laundering.

Making bitcoin the official currency means it will have to be honored as legal tender alongside the US dollar, which became the official currency of El Salvador in 2001.


A supporter of bitcoin adoption was the 40-year-old president of the country, Nayib Bukele, who argued that thanks to this, the Salvadorans will save about $ 400 million annually, which the government estimates are spent on transfer fees, and at the same time will allow access to financial services to people who do not use banks.

Bitcoin – course

Bitcoin exchange rate, which in April reached a record level of 65 thousand. dollars, in June fell to the level of 28.8 thousand. dollars. Currently, you have to pay over PLN 48,000 for bitcoin. dollars.

Bitcoin rateStooq

Bitcoin is one of the most popular cryptocurrencies in the world. The currency gained popularity primarily in China, Europe and the United States. The system of these operations can function without the need for centralized turnover management. Its originator is a person under the pseudonym Satoshi Nakamoto.

Cryptocurrency is digital money created on the basis of an algorithm. Digital currencies operate outside of traditional banking and government systems.


Main photo source: PAP / EPA / Rodrigo Sura

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