A group of Salvadorans, including leftist unions, student associations, and others gathered at the Legislative Assembly on Thursday to protest the adoption of Bitcoin as its national currency, according to a report by Decrypt on Friday.
- The group, organized by the so-called “Block of Resistance and Popular Rebellion,” used slogans and banners to push for the Bitcoin Law to be revoked.
- The protestors, like estimated 77% of Salvadorans, think the law is a bad idea. Activist Idalia Zuniga stated the law could be used to defraud users and promote money laundering.
- Another protestor expressed her worries about Bitcoin’s price volatility. “For those earning a minimum wage, in one moment you may have $300 in Bitcoin and the next day those $300 can turn into $50.”
The protestors’ concerns are common. Major regulators referred to scams and money laundering schemes involving Bitcoin and other cryptos as aspects holding digital assets back from global acceptance.
BTC USD gains +0.26%.