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Thousands of people in El Salvador have come out to protest against Bitcoin and the president

Thousands of people in El Salvador have come out to protest against Bitcoin and the president

We are tired of authoritarian and undemocratic government. Their untenable steps, such as the introduction of petocene payments, are seriously hurting the economy. “They will take us to the abyss,” Riccardo Navarro, one of the organizers of the demonstrations, was quoted by AFP as saying.

“We don’t want to pay with bitcoin! Dissatisfied people chanted in the streets. T-shirts and banners had the bitcoin logo covered with the ban symbol. Slogans of arrogance and tyranny were heard. Protesters argued that bitcoin could cause financial instability and lead to illegal transactions.”

People took to the streets because they did not want to pay with bitcoin.

Photo: Jose Cabezas, Reuters

Protesters in San Salvador.

Photo: Jose Cabezas, Reuters

Bukele is a supporter of cryptocurrency

Bukele is a huge fan of cryptocurrency. Demonstrations are directed against him, because he is the one who came up with the idea of ​​introducing Bitcoin as an official currency.

During previous demonstrations, a crowd of people in San Salvador damaged several ATMs that had been installed specifically for bitcoin transactions. Sunday’s protests went unnoticed.

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Photo: Jose Cabezas, Reuters

The government is defending its decision to introduce bitcoin as an official currency by “reducing the cost of sending and receiving money sent home by the three million Salvadorans working abroad.” However, the International Monetary Fund, the World Bank and the Inter-American Development Bank had previously warned against the move.

Protests in El Salvador.

Photo: Jose Cabezas, Reuters

Protesters in San Salvador.

Photo: Jose Cabezas, Reuters

Problems persist

However, the introduction of bitcoin as an official currency alongside the US dollar was already accompanied by a number of technical issues in September. The servers were not available for several hours because they faced too much interest from users – the government reduced people’s interest in signing up.

At the same time, even before the official launch, it was clear that people were going to take Chivo’s new virtual wallets by storm. In order for the country to truly entice people to use bitcoin, it will distribute this cryptocurrency around $30 (CZK 660) to all users of the application when it is first activated.

Reuters reported that the problems persisted for more than a month after the launch of Bitcoin payments. For example, she described the story of Adalbert Galvez, a 32-year-old construction worker, trying to withdraw money from a Chivo wallet.

According to his own words, he lost $220 (4,840 CZK) due to an application error. “He took the money from my account, but he didn’t return anything,” Galvez said. He is a supporter of cryptocurrency and paid for bitcoins even before the government offered them as official currency.

Dozens of other people complain of similar problems with their wallet, that is, the loss of funds during transactions. The government does not respond to their complaints. The view that their money can be recovered is not very real.