El Salvador has a new wave of protests against Bitcoin

Last Tuesday, 7th, El Salvador became the first country in the world to have Bitcoin as an official currency. While this is being celebrated by many members of the cryptocurrency market, a portion of El Salvador’s population has taken to the streets to protest against the cryptocurrency, with many concerned about the use of Bitcoin to favor what some say is a dictatorship created by the president of the country, Nayib Bukele.

According to the InfoBae website, on the same day the law came into force, the president “suffered” with the biggest protests against the government.

The site points out that the country’s residents are concerned about the government’s use of Bitcoin, which has a large public debt, in addition to concerns about the country’s democracy that many see as threatened by Bukele’s authoritarianism.

Bukele, who started his political career in a left-wing party before switching to a right-wing one for popularity, is considered a controversial figure, having amended the country’s constitution to give his administration more powers.

Recent polls indicated that more than 60% of El Salvador’s population does not support Bitcoin as the country’s official currency, with some indicating a rejection figure of 72%.

With Salvadorans’ distrust and Bitcoin law requiring the currency to be accepted in stores and merchants, many are protesting and suspecting the government’s intentions to use cryptocurrency.

Reporting Problems with Chivo’s Wallet and Complicated Start

Plates against Bukele carried during the protests. Source: REUTERS/Jose Cabezas

The beginning of Bitcoin law practice was not what the government expected, with different problems affecting the currency and other operations.

The site said that online stores did not allow the download of the Chivo wallet, the official government wallet for Bitcoin and which was developed for 205 million dollars of public money, according to InfoBae, the Secretary of Finance confirmed that part of this money was withdrawn from the health and education budget.

The information indicates that the application had to be temporarily disconnected due to problems and failures on its server, in addition to already reported privacy issues. When the servers were up, users reported different and different issues on the platform.

However, according to Bukele’s recent tweets the wallet has undergone updates and is currently back up and running with no problem and that bugs found can be reported for future updates.

Although the numbers indicate a majority against the Bitcoin law and several protests during the last 7th, Bukele has a strong ally base that defends him on social media, not to mention the support of bitcoiners around the world.