Veterans And Retired Citizens In El Salvador Protest Bitcoin, Here's Why

Residents of El Salvador, protesting the freezing of bitcoin in the country. (photo: twitter)

JAKARTA - In the midst of preparations for the government of El Salvador to officially enforce the Bitcoin Law in the country in early September, El Salvadorans have taken to the streets to protest the adoption of Bitcoin (BTC) as the official currency.

Anti-Bitcoiner El Salvador has expressed discontent regarding the government's plans to adopt Bitcoin as a legal tender. Hundreds of protesters marched through the capital, San Salvador, Friday 27 August, the Euronews TV network reported.

The demonstrators, including retirees, veterans, retirees and disabled workers, voiced their concern over the volatile Bitcoin price. The crowd is worried that the government will start paying their pensions in Bitcoin instead of United States dollars.

“We know this coin fluctuates drastically. The value changes from one second to another, and we will have no control over it," said Stanley Quinteros, a member of the Supreme Court's union.

LA GENTE MAS HUMILDE NO QUIERE #BITCOIN, TODOS #NoQueremosBitcoin, solo los #BUKELES quieren el #Bitcoin . pic.twitter.com/YeAafHGCqS

— Blanca Huezo (@blanca_huezo) August 26, 2021

Salvadorans also expressed concern over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up banners reading, "We don't want Bitcoin" and "No to money laundering corruption."

According to local reports, El Salvador's latest anti-Bitcoin protests appear to be part of a wider opposition campaign by local veterans protesting Friday's low pensions. Because of this, some protesters are reportedly demanding an increase in pensions from $100 to $300.

The latest anti-Bitcoin protests in El Salvador follow some of the growing skepticism about the country's Bitcoin move. Last week, the Salvadoran International Freight Forwarders Association reportedly initiated an anti-Bitcoin protest, reportedly demanding the government reconsider the mandatory acceptance of Bitcoin in El Salvador.

As previously reported by Cointelegraph, Salvadoran President Nayib Bukele announced a law to accept Bitcoin as legal tender alongside the US dollar in early June.

The bill was later passed by the country's Legislative Assembly and is scheduled to go into effect on September 7. Last week, the president clarified that Salvadorans would be free not to use Bitcoin, stating:

“What if someone doesn't want to use Bitcoin? Don't download the Chivo app and go on with your normal life. No one will take your dollars. One can always line up at Western Union and pay a commission.”