Thousands of people took to the streets of El Salvador’s capital to protest the Bitcoin law.
Protests against the new law
Protests in El Salvador escalated on Wednesday, the country’s independence day. The local press reported on citizens’ anger over the country’s new Bitcoin law.
Protesters set fire to a Bitcoin ATM in the capital, San Salvador. Some took to the streets with signs saying “We don’t want Bitcoin” and “No to dictatorship”. On September 7, El Salvador made Bitcoin legal tender in the country. It is the first country to do this.
The country’s president, Nayib Bukele, criticized citizens on Twitter for breaking things. He also lashed out at the press.
Dicen que el “vandalismo” fue hecho por “infiltrados”, pero han hecho vandalismo and TODAS sus manifestaciones 🤷🏻♂️
Además, ¿por qué no se escuchan gritos de “deténganse” o “no hagan eso”?
Lo que se escucha son APLAUSOS y VÍTORES; y ahi está la prensa. pic.twitter.com/3MetlCntCK
— Nayib Bukele 🇸🇻 (@nayibbukele) September 15, 2021
There have been protests against the action since July and August; the brainchild of President Bukele. On Wednesday, however, the protests were the strongest. Thousands of civilians took to the streets, according to local media.
Criticism of the President
Salvadorans are protesting not only against the Bitcoin law, but also against President Bukele himself. Some say he has weakened the country’s courts and drawn too much power to himself. Although Bukele previously did well in opinion polls, he is now increasingly criticized for the alleged authoritarianism.
Algunos manifestantes mancharon la caseta del kiosko Chivo instalado en la Plaza Gerardo Barrios frente a Catedral Metropolitana.
Through @maggiegonza33 #Teleprensa33 #Nacionales pic.twitter.com/3UstEZZcKz
— Teleprensa (@Teleprensa33) September 15, 2021
The Bitcoin law, announced by Bukele in June and passed by the country shortly after, means that businesses must accept payment in Bitcoin if they have the technology. Citizens are not required to use the token, but are encouraged to do so. Those who sign up to use the official government crypto wallet, Chivo, will be rewarded with $30 in Bitcoin. However, Chivo has had technical difficulties since Bitcoin became legal tender in the country.
Investment banks such as JP Morgan, US officials and even the World Bank have criticized El Salvador’s Bitcoin law. They claim it would be difficult to implement. Today’s protests are proof that they may be right.