Disruption Erupt in El Salvador Over Bitcoin Legalization

El Salvador is in a state of anarchy over its Bitcoin adoption during the nation’s Independence Day. Protesters took to the streets of El Salvador to demonstrate displeasure with the country’s latest authorization of Bitcoin as a legal tender.

Meanwhile, the internet is ablaze with the news of the anti-bitcoin demonstrators causing unrest in El Salvador. The video footage below shows demonstrators entering San Salvador waving signs that read: “No to Bitcoin,” “resistance and popular rebellion against the Bukele Regiment,” and “no to corrupt money laundering”.

In light of the protest, Bitcoin ATMs set up to handle bitcoin transactions were destroyed.

El Salvador Becomes First Country To Adopt Bitcoin as Legal Tender

El Salvador’s leader, President Nayib Bukele, led the move to legalize the usage of crypto payments across the country on September 7. According to him, he proposed Bitcoin adoption to make remittance payments cheaper and faster.

However, according to recent research, the Bitcoin policy is unpopular, with 67.9% of 1,281 persons surveyed disagreeing or strongly disagreeing with the change. Technical problems and a drop in the price of Bitcoin complicated matters further. The price drop prompted 1,000 protestors to march on the capital.

Disputes over the president’s perceived despotism enrage protesters as well. A judiciary cleared President Bukele to seek re-election on September 3, despite constitutional limitations. A month after firing the previous judiciary, Bukele’s ruling party announced the nomination of judges.

The verdict in September drew condemnation for abuse of power, particularly from the US Embassy in the area. At the moment, it is unclear what plan the government has laid out to reclaim the situation.