Even with the growing number of El Salvadorans expressing their rejection of the Bitcoin Law, it appears that President Nayib Bukele isn’t concerned at all.
But it cannot be denied that the political situation in the country is getting intense every day as concerns mount on how the Bitcoin Law might put the country in peril.
Once this law takes effect, Bukele clarified that Bitcoin use won’t be forced on anyone. The crypto would serve as an additional payment method for both citizens and businesses.
The use of Bitcoin will not be forced, but the Law clearly states that accepting it is mandatory, that is why businesses have no choice but to accept Bitcoin if their customers prefer this payment.
$400 million in savings
For months since the Bitcoin Law was passed, the government and Bukele himself have gone all out in explaining the benefits of the law for the country.
One of the benefits of the law, according to Bukele, is that it would provide El Salvador $400 million in savings from remittance costs. Apart from that, citizens can also enjoy instant and fast transactions courtesy of crypto technology.
A hard sell
But even with continuous assurance from the president that the Bitcoin Law would be safe and beneficial for the country, it appears that the citizens are not fully convinced.
For the past three days, street protests have been building up around the country, and as September 7 inches closer, the situation is getting worse.
According to both Euronews and Reuters, hundreds of protesters composed of workers, veterans, and pensioners, have hit the streets to oppose the new crypto law.
And they are not alone with their concerns, as economists and financial institutions all over the world are also concerned about the law, primarily because of Bitcoin’s volatility and instability.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/protests-build-up-in-el-salvador-as-bitcoin-law-nears/
