Massive 'No Bitcoin' Protests In El Salvador, People Condemn Nayib Bukele's Decision! - Kakiforex.com - Financial Market Media No. 1 in the World Massive 'No Bitcoin' Protests In El Salvador, People Condemn Nayib Bukele's Decision! Massive 'No Bitcoin' Protests In El Salvador, People Condemn Nayib Bukele's Decision!
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July 23, 2021

Massive 'No Bitcoin' Protests In El Salvador, People Condemn Nayib Bukele's Decision!

 The people of El Salvador apparently did not celebrate the national government’s decision to implement Bitcoin (BTC) in an effort to sustain the economic sector.


In a video uploaded by the newspaper La Prensa Grafica, it was reported that El Salvadorans had staged a mass protest with banners reading: ‘Fight the Bukele Administration’ and ‘No For Bitcoin’.


The block of resistance and popular rebellion is demonstrating over the Alameda Juan Pablo II, in front of the Civic Cultural Legislative Center (@CccLegislativo) to deliver to @AsambleaSV a piece of correspondence demanding the repeal of the Bitcoin Law approved weeks ago. pic.twitter.com/UtVpkBcYVj


- Diario Co Latino (@DiarioCoLatino) July 20, 2021


The protest was organized by the left -wing movement Bloque de Resistencia y Rebeldia Popular which wanted the Bitcoin Law to be dropped on the grounds that it was established without the opinion of others, including without improvements and any technical studies.


Not only that, the delegates also voiced the opinion that the law will facilitate illegal activities, disruption of the financial system, as well as will directly damage the lower and middle classes.



The situation was further exacerbated when a video recording of a meeting between the president and his siblings with foreign entrepreneurs discussing the establishment of the Colon dollar was leaked a few days ago. However, the government has denied the speculation.


#efNEWSLETTER­čô░ The Bukele administration has been planning to launch a national stablecoin cryptocurrency, which it was calling “Col├│n-Dollar,” by the end of this year. https://t.co/Gy54hmHXEI


- El Faro (@_elfaro_) July 17, 2021


The people’s vulnerability to Bukele’s decision came when a bill confirming BTC’s status as a legal tender in the country came into force in September.


The International Monetary Fund (IMF) is also with the World Bank from the beginning to warn El Salvador to withdraw the decision to adopt Bitcoin in the country's economy.


As far as Bukele’s plan comes true, no one can guess even if the decision once received legal action for the purpose of blocking the Bitcoin Law.