Didn’t like it: Adoption of Bitcoin as official currency causes protests in El Salvador

Bitcoin is increasingly being adopted around the world, even Twitter must accept cryptocurrency in tips for influencers. However, despite the advances El Salvador, which adopted Bitcoin as its official currency, is facing problems with protests, technical failures and even a drop in value on the first day of use of the cryptocurrency in the country.


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President Nayib Bukele, who runs El Salvador in Central America, is facing several problems making Bitcoin the country’s official currency. Starting with the congestion of servers in the Chivo digital wallet that was not offered by Apple and Huawei to manage the cryptocurrency. Chivo is currently available and accepted in several places such as Starbucks and McDonald’s.

The implementation of Bitcoin in El Salvador involved the distribution of US$30 (approximately R$158) to each citizen in order to encourage the adoption of cryptocurrency. The government claims that using the cryptocurrency could save US$400 million in fees per year for the country, which is highly dependent on imports.

Although Bukele is enthusiastic about the news, the opposition led by Johnny Wright Sol says it lacked planning as the Bitcoin Law was passed in a hurry, in just 5 hours of discussion, which caused many of the problems.

In addition to Wright Sol, more than a thousand people gathered in front of El Salvador’s supreme court to protest the news by burning tires and setting off fireworks. The main complaints are currency instability and the risk of increased illicit transactions.

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Part of the protests was also attentive to the devaluation of Bitcoin, which reached one of the lowest values ‚Äč‚Äčthis week, being quoted at US$ 43,000, a drop of US$ 9,000 in just a few hours. The opposition claims that this caused a $3 million loss to the country.

Nevertheless, many traders remain optimistic about the use of a digital currency, especially during the coronavirus pandemic, which makes transactions more practical, faster and more hygienic too.

What kind of money do you prefer when shopping: physical or digital?