Continúan las protestas de Bitcoin en el Salvador
Residents of San Salvador go to the streets to oppose the approval of Bitcoin as a means of payment. The first waves of indignation began in June after local authorities voted in favor of a bill to introduce a new asset class.
Among the demonstrators were many local workers, retirees, and even veterans. They walked to express anxieties about digital currency integration. They are not satisfied with the fact that in the future the authorities may use the new asset preferably of US dollars to pay pensions and social security.
One of the protesters, a member of the Supreme Court workers union, said he did not like the idea of using a currency whose value changes every second and does not lend itself to any kind of control.
El Salvador's President Nayib Bukele announced the success of the voting results back on June 9, but in fact, the law will only come into force on September 7. According to Bukele, BTC will help Salvadorans being and working outside make transfers of funds much easier and more convenient.
At the same time, neighboring states are actively monitoring the progress of cryptocurrencies in El Salvador, trying to understand how good the experience of introducing a new asset class for cross-border transfers will be. If this event is successful, El Salvador will not be the last country in Central America to allow BTC as a means of payment. After all, transmittals from the USA here have long become an important component of income for tens and even hundreds of millions of people.
Dante Mossi, the CABEI organization, also confirmed the opinion about the possible emergence of follower countries. He said that countries like Guatemala, El Salvador, and Honduras would have great profit from switching to Bitcoin equivalent when sending payments. CABEI is now actively providing technical support to El Salvador to integrate BTC and helping the country after the World Bank rejected the idea of adopting cryptocurrency, citing its lack of transparency.
CABEI Investment Department spokesman Carlos Sanchez announced the organization is committed to providing technical help to El Salvador in developing a regulatory core to promote Bitcoin appropriation throughout the country. At the same time, striving to comply with stringent worldwide rules related to money laundering.
Autonomous Research stated that digital currencies now value less than 1% of total cross-border payments. However, in the foreseeable future, in their opinion, crypto assets will bend to fit most of the yearly volume of global transmittals, amounting to $500B.