Market Musings

Protests in El Salvador over Country's Plans to Adopt Bitcoin as Legal Tender

Published on:
July 22, 2021

'The next day $300 can become $50,' one protester says.

Protests in El Salvador over Country's Plans to Adopt Bitcoin as Legal Tender

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Protesters have taken to the streets of El Salvador in anger at the government’s plans to adopt Bitcoin as legal tender.


That’s despite the fact that demonstrations have been temporarily banned, apparently to prevent the number of coronavirus infections from accelerating.


During Tuesday’s protest, one of the group’s leaders said:

“For people who earn minimum wage, one moment you can have $300 in Bitcoin and the next day the $300 can become $50. Today we have seen how the price of cryptocurrency is falling.”

They marched to the Legislative Assembly and delivered a request for the Bitcoin Law to be appealed.

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The Countdown Begins 

El Salvador is continuing to push ahead with its radical proposals to give Bitcoin the same status as the U.S. dollar.


The Bitcoin Law is due to come into force on Sept. 7.


Last month, it was announced that every adult who downloads the government’s official electronic wallet will be rewarded with Bitcoin worth $30.


It’s hoped the Chivo app will make it less expensive for Salvadorans working abroad to send funds home to their loved ones, without having to go through expensive intermediaries such as remittance services.


Connor Sephton

I cover the crazy world of crypto.

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