El Salvador, the unique anti-bitcoin protest
El Salvador, the unique anti-bitcoin protest
Bitcoin

El Salvador, the unique anti-bitcoin protest

By Eleonora Spagnolo - 13 Aug 2021

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A former government official in El Salvador, Eugenio Chicas, showed up at a hearing with anti-bitcoin symbols. 

The former magistrate and former secretary of communication at the presidency of the Republic of El Salvador was asked to report on funds granted to NGOs. At the hearing, he presented himself with various bitcoin symbols crossed out: they were present on a badge around his neck, in a pin pinned on his jacket, on the back of the tablet in front of him, and in a notebook placed on the desk from which he was speaking. 

Speaking to journalists about his anti-Bitcoin protest, Eugenio Chicas said:

“This is a sensitive issue for the population, to use this argument and show it to the population is to show solidarity with the concern that people have for the serious national economic crisis and because the majority rejects it”.

Bitcoin in El Salvador, opportunities and controversies

In El Salvador, the adoption of Bitcoin is becoming highly debated.

President Nayib Bukele has presented the initiative to introduce bitcoin as legal tender as a viaticum for the national economy. Bitcoin will especially help in remittances by lowering commission costs. It is worth mentioning that El Salvador’s economy is based on remittances, i.e. money that is sent from abroad to the country. 

However, not everyone is convinced by this choice.

In the past few days, there have been anti-bitcoin protests in the country, with unions and students taking to the streets. The peaceful demonstrations also targeted President Nayib Bukele. 

Bitcoin will become legal tender in El Salvador on 7 September. With this choice, BTC could be considered to all intents and purposes a foreign currency, revolutionizing even the concept that national and supranational authorities have so far had of the queen of cryptocurrencies. It should be specified that bitcoin will exist alongside the US dollar and will not replace it completely. 

All that remains is to wait for September and see what impact bitcoin will have on the population of El Salvador and especially on its economy. And how this will change the international scenario. 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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