Reshab AgarwalEl Salvador has become the first country to adopt Bitcoin as a legal tender. It was a major step for the cryptocurrency’s future, and all enthusiasts were happy about the decision. But it seems that the most citizens of the country are not in favour of the decision. Recently protest against Bitcoin adoption has broken out in the country. The protest comprises students, leftist unions and other major organizations, and they want the government to give up on Bitcoin.
The difference of opinion on Bitcoin
El Salvador’s decision of making Bitcoin a legal tender will become active in September. But the citizens have a divided opinion on the same. While some of them are happy or don’t have any problem with the same, others want the adoption to be stopped. The ones protesting against the decision see the president of the country as a dictator imposing new rules. His influence on the parties is the reason why the bill of making BTC a legal tender got passed in a few days. In fact, there were many failed attempts of the opposition parties to stop this, but in no vain.
Even a recent survey shows that most El Salvadorians are not in favour of Bitcoin. Out of a total pool of 1,233 people, only 20% agreed to the adoption, while 65% said that they would never use it. This shows that even though the government has accepted Bitcoin, the citizens are still not ready for the big change.
The main issue
The citizens of the country think that it is not safe to use Bitcoin as a legal tender. This is because they believe that the only people this adoption will benefit is the rich and wealthy. They will use Bitcoin to launder money and save taxes while the common people will suffer. Someone who lives on minimum wage couldn’t afford the volatility of Bitcoin. There might also be a lot of illegal activities cultivating in the space due to this adoption. But I personally feel the points make sense but not completely. While El Salvador is making Bitcoin a legal tender, it is not denouncing the dollar. So, if anyone doesn’t like or understand Bitcoin, they can easily go with the dollar.
What are your thoughts on the protest against Bitcoin adoption in El Salvador? And do you think this will prevent the government from implementing it as a legal tender? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.