Citizens of El Salvador Protest Against The Bitcoin
I feel the protesting citizens have a great point towards the President’s bitcoin law. The President proposed a Bill for bitcoin to be accepted as a legal tender in the country in June. This came as an unprepared decision to the citizens as some of them are not financially and bitcoin educated. Although the President gave them a 90 days bitcoin education program but they felt it wasn’t enough.
They didn’t like the idea that the bitcoin bill was only discussed for six hours before being accepted by the people in power. This is because they think the idea was for personal agenda that will
Favor the President.
If you try to look into their concerns you will see the points being made by these concerning citizens. But the President said citizens were urged to but not mandated to accept Bitcoin as payment for their business. They believed volatility is going to be their major problem in bitcoin and they are not wrong. Imagine making sales worth $500 but volatility reduced it to $360, that’s $140 loss already just by holding bitcoin. In as much as the reverse could be case, it’s not really advisable they hold bitcoin.
They are also concerned about bitcoin being used for money laundering and also used to defraud citizens. Well I don’t think this is a valid reason, because these crimes are being and have been committed before the bitcoin law. The bitcoin law has nothing to do with it. With their bitcoin education they would know every possible advantage and disadvantages of bitcoin.
There were speculations towards the country having a stable digital coin , I hope they make it because that will really solve the volatility issues the citizens are worried about. The citizens still fail to realize that fiat money is the problem not bitcoin.