UPDATE: This note was updated today September 8 at 07:50 to include information on the vote to repeal the Bitcoin Law in El Salvador from the Legislative Assembly, which was finally rejected yesterday, September 7, at around 6:00 p.m. local time.
Hundreds of Salvadoran citizens protested on September 7 against the entry into force of the law that establishes bitcoin (BTC) as legal tender in El Salvador.
Yesterday the demonstrations were more numerous than on previous occasions. The Reuters news agency reports that more than 1,000 people approached the Legislative Palace in the city of San Salvador to express their rejection .
In testimonies published on Twitter you can see the burning of tires and the blocking of public roads, as well as attempts to tear down the police barricade in front of the Legislative Palace, in episodes that they did not escalate in magnitude. In the afternoon they sang the National Anthem.
Citizens claim that the Bitcoin Law and other measures of the government of Nayib Bukele have not been approved by popular consultation nor have they had the due process, which would delegitimize them.
They also express their concern about the volatility of bitcoin and what they consider a risk to the economic and financial integrity of the country. Just yesterday, the price reached USD 52,000, a price not seen since last May, and then fell to USD 45,000 at which it is trading at the time of writing, according to the CriptoNoticias price calculator.
Protestants also criticize that other areas of development such as employment rates, education, health and, in general, the country situation, are being neglected to address other issues, in their thinking , not relevant.
“We believe that the Bitcoin Law has not been endorsed to benefit the working class and the oppressed of the country, but only to benefit the corrupt government and its allies (…) The volatility of the cryptocurrency is something that does not guarantee economic stability (… ) The initial budget destined to the financing of bitcoin is almost double that destined to the University of El Salvador year by year, something that young people reject. ”
Student participates in the protest against the Bitcoin Law
Public employees of the legal branch joined the demonstration to also oppose the reform of the Judicial Career Law, approved last week, which would oblige judges with more than 60 years of age and 30 years of service to retire from the career.
This law could also suppress the role of the judge in criminal investigations, and allow them to be conducted only by public prosecutors.
The protests have been led mainly by Deputy Claudia Ortiz, from the VAMOS party, under the #NoAlBitcoin campaign. The deputy offered statements to the media today at noon, highlighting the rejection reflected in some surveys, and noting that bitcoin would not be a solution to alleviate the cost of food, energy, and other issues that concern citizens.
“This rejection We have seen it in different ways through peaceful protests. Only today we have seen 5 marches to the Legislative Assembly showing the rejection of this decision that was taken in an improvised way, in an authoritarian way, that was not consulted with the people, nor discussed sufficiently. ”
Claudia Ortiz, Deputy of the Republic of El Salvador.
Legislative Assembly of El Salvador refuses to repeal the Bitcoin Law
Yesterday around 2:00 p.m. local time (El Salvador), Deputy Claudia Ortiz proposed in the hemicycle to discuss and vote on the repeal of the Law Bitcoin, but this proposal did not receive enough votes to pass.
But later, the deputies retracted and agreed to discuss and vote on the law. Around 6:00 p.m. the repeal of the Bitcoin Law was rejected in a vote from the Legislative Assembly, with 63 votes against repealing the law, 18 in favor of doing so and 0 abstentions.
In El Zonte they want to learn about Bitcoin
Meanwhile, in El Zonte, on the western coast of the country, a town that is the cradle of the bitcoin movement in El Salvador, more people want to learn about bitcoin and start using it.
Podcaster Peter McCormack, shared images from El Zonte, where a line of people appear waiting to receive the USD 30 exchangeable to Bitcoin that the government of El Salvador is distributing with the wallet Billy Goat.
On the other hand, more businesses adopt bitcoin as a payment method in El Salvador, such as Pizza Hut and McDonald’s franchises, in addition to Starbucks and the Claro and Movistar telemarketers.
Bitcoin is legal tender in El Salvador as of yesterday. Meanwhile, the Chivo wallet, the official government wallet, started its way with stumbles. However, it is expected that the house-to-house educational campaign will be launched so that citizens learn to use this wallet.
