Home BUSINESS ADOPTION OF BITCOIN IN ELSALVADOR MEETS WITH OPPOSITION

ADOPTION OF BITCOIN IN ELSALVADOR MEETS WITH OPPOSITION

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By Aishat Momoh. O.

The historic introduction of bitcoin as legal tender in El Salvador on Tuesday was marred by teething issues, including an angry protest by distrustful residents, technological malfunctions, and a drop in the cryptocurrency’s value. Bryan Wood has the story.

More than a thousand people rallied against bitcoin use as currency in El Salvador’s capital on Tuesday, despite the country’s rocky digital launch.

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Protesters let off fireworks and lit at least one fire in front of the Supreme Court.

To keep the crowds under control, the government dispatched armed police to San Salvador.

Gloria Martinez is one of the people who believes Bitcoin is too hazardous.

“This is a law that was enacted without public input. It does not take into account the needs of the general public. It is a law that has been enacted with zeal, but without the necessary technological infrastructure to make it effective. It’s a legislation that requires us to use a risky currency.”

Many Salvadorans feel that bitcoin is not reliable enough, according to polls.

It didn’t help proponents when individuals looking to download the Bitcoin digital wallet “Chivo” discovered it was unavailable on key app stores early on Tuesday.

Nayib Bukele, the country’s president, requested that firms like Apple stock the app, which Huawei eventually did.

Because the app was unable to handle user registrations, it was unplugged to enhance its capacity.

By late afternoon, Bukele had started retweeting footage showing people paying with bitcoin at places like McDonald’s and Starbucks.

El Salvador purchased $20 million worth of Bitcoin ahead of its launch, claiming that it is a method for ordinary people to invest in financial markets.

Even still, in a country where nearly half of the population has no internet access and many more has intermittent connectivity, the poorest may struggle to get the technology required to make bitcoin operate.

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