The acceptance of Bitcoin as a legal tender in El Salvador is one of the biggest events in the cryptocurrency world this year. However, the country’s president, Naib Bukle, has taken a step that many think is wrong. However, the Bitcoin Act has put Bitcoin in the global spotlight as a potential engine for financial change in Central American countries.
Buckle’s bitcoin law barges in
When President Naib Buckley announced that he would press for the approval of a law announcing a bitcoin legal tender in El Salvador, he could not speed up all the events that resulted from that decision. For those who approve of this decision, or citizens who are not comfortable with it (mostly Salvadoran, according to some public opinion), Bitcoin has become a part of the country’s political panorama. As such, it is being used by political agents as a very important part of Buckel’s order.
The disruption of Bitcoin, a completely external element, in Salvadoran politics, has brought about a change that may not be entirely favorable to the government above all. Buckley, who is often admired as an outsider, was elected because of citizens’ resentment of career politicians, and he managed to maintain that support because of his actions against criminal actors. Often, the protests against him were small incidents, gathering only a few dozen people.
But Bitcoin and other events changed that, strengthening the anti-government rally with a massive presence. On September 15, the largest protest against Buccaneer’s government gathered thousands of people, marking a clear departure from the small protests he had so far faced. It is unlikely to affect his government in the short term, as he still has a 0% approval rating, according to opinion polls, but it has left a mark on his record as a leader of the people.
Not yet fully accepted
Although everyone has seen the picture of the fast food chain accepting Bitcoin as a payment, the truth is that Bitcoin is still far from being universally accepted in the country. And the government is somewhat responsible for this. There is a citizen Report Inability to pay for government-related certificates with Bitcoin, which is assumed in some cases.
According to some reports, this scenario is frequently heard in other government functions where the law has not yet been passed and people cannot pay with bitcoin.
– Florence S. Oliveras (flaflorenceo) September 23, 2021
Long line to exchange bitcoin for USD
Salvadors do not seem to be very enthusiastic about accepting bitcoin in the country. Done Report The long line of people withdrawing ড 300 at BTC which was given to every citizen by the administration. And when the government announced that it would not be possible, the Salvadoran found a way to do it.
Residents of the country have discovered that sending these funds to another wallet seems to unlock 30 30 for withdrawals without spending through the state-made Chivo wallet as Bitcoin. This is said to be the reason for the long lines to withdraw Fiat dollars from several Chivo Wallet cashiers in the country. According to some reports, Salvadoran still do not understand what Bitcoin is or how to use it, and in this case, the government has a big job to do in educating its citizens about the true value of Bitcoin.
What do you think about the state of El Salvador after the announcement of Bitcoin Legal Tender? Tell us in the comments section below.
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