Former military personnel in El Salvador are concerned that the government may begin paying their pensions in Bitcoin rather than the United States dollar.
Salvadorans flocked to the streets in early September to demonstrate their opposition to the country’s acceptance of Bitcoin (BTC) as its official currency, while the country’s Bitcoin (BTC) law was being finalized.
Anti-Bitcoiners in El Salvador have expressed their displeasure with the government’s plans to make Bitcoin legal tender, with hundreds of protesters marching through the capital San Salvador on Friday, according to the Euronews TV network.
The demonstrators, who included retirees, veterans, disability pensioners, and workers, expressed their dissatisfaction with Bitcoin’s fluctuating price by raising their voices. There was concern among the crowd that the government would begin paying people pensions in Bitcoin rather than in United States dollars.
“We are aware of the extreme volatility of this coin. According to reports, Stanley Quinteros, a representative from the Supreme Court of Justice’s workers’ union, stated that the currency’s value fluctuates from one second to the next.
Furthermore, El Salvadorans have raised concern about a lack of awareness and comprehension of the technology required to use cryptocurrencies such as Bitcoin in the country. “We don’t want Bitcoin,” protesters chanted as they held posters that said, “No to dirty money laundering.”
LA GENTE MAS HUMILDE NO QUIERE #BITCOIN, TODOS #NoQueremosBitcoin, solo los #BUKELES quieren el #Bitcoin . pic.twitter.com/YeAafHGCqS
— Blanca Huezo (@blanca_huezo) August 26, 2021In accordance with local accounts, El Salvador’s newest anti-Bitcoin demonstrations were reportedly part of a larger resistance campaign by local veterans who were protesting poor pensions on August 27. A pension rise from $100 to $300, according to reports, was sought by some protesters as a result of this.
The most recent anti-Bitcoin demonstrations in El Salvador came as a result of rising cynicism about the country’s Bitcoin policy.
Protests against Bitcoin were apparently launched by the Salvadoran Association of International Freight Carriers last week, with the group reportedly calling on the government to reconsider the requirement that Bitcoin be accepted in El Salvador.
As previously reported by Cointelegraph, Salvadoran President Nayib Bukele signed legislation in early June allowing Bitcoin to be used as legal cash alongside the United States dollar. The bill was later approved by the country’s Legislative Assembly, and it is expected to go into effect on September 7.
Earlier this week, President Salvador Allende reaffirmed that Salvadorans would be free to refrain from using Bitcoin, stating:
“What if someone doesn’t want to use Bitcoin? Don’t download the Chivo app and continue living your normal life. Nobody is going to take your dollars. Someone can always queue up at Western Union and pay a commission.”