Anti-bitcoin law protests

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The Anti-bitcoin law protests, also known as the Anti-bitcoin protests, took place in 2021 in response to the introduction by the government of El Salvador of the Bitcoin Law for giving Bitcoin status as legal tender. El Salvador is the first country to offer cryptocurrency a status of legal tender. The protests began on 9 June 2021 when the government passed the law. Thousands of protesters have taken to the streets in El Salvador, angry at the introduction of Bitcoin as its legal tender.[1]

Background[]

Bitcoin is the first cryptocurrency created in 2009 by Satoshi Nakamoto. The government of El Salvador produced the Bitcoin Law establishing Bitcoin as a legal tender. The law passed by the Legislative Assembly of El Salvador on 9 June 2021, with a majority vote of 62 of a possible 84. Bitcoin became a legal tender on 7 September 2021,[2] 90 days after the publication of the law in the official gazette,[3][4] which makes El Salvador the first country to have bitcoin as legal tender.[2][5] Bitcoin joined the United States dollar as the second official currency of El Salvador.[6]

However, Bitcoin is being criticized because it increase the risk of money laundering and tax avoidance,[7][8] the volatility of bitcoin is also a big question as a legal tender.[9]

In an August 2021 poll conducted by Salvadoran newspaper La Prensa Gráfica, a majority of people polled said they opposed the Bitcoin Law, and almost three quarters of respondents said they would not accept bitcoin as payment.[10]

Protests[]

There have been numerous protests since the introduction of the law in El Salvador.[11][12] On September 15, 2021, thousands of protesters took to the streets to protest against the introduction of Bitcoin as its legal tender. Some protesters burned and vandalized newly installed Bitcoin ATMs.[1][13]

See also[]

References[]

  1. ^ a b "Bitcoin protests in El Salvador against cryptocurrency as legal tender". BBC. 2021-09-16. Archived from the original on 2021-09-17. Retrieved 2021-09-18.
  2. ^ a b "El Salvador Becomes First Country to Adopt Bitcoin as National Currency". The Wall Street Journal. 7 September 2021. Archived from the original on 7 September 2021. Retrieved 7 September 2021.
  3. ^ "Bitcoin: El Salvador makes cryptocurrency legal tender". BBC. 9 June 2021. Archived from the original on 23 June 2021. Retrieved 9 June 2021.
  4. ^ Webber, Jude; Szalay, Eva (9 June 2021). "El Salvador becomes first country to adopt bitcoin as legal tender". Financial Times. Archived from the original on 9 June 2021. Retrieved 9 June 2021.
  5. ^ Hart, Robert (9 June 2021). "El Salvador Makes History As World's First Country To Make Bitcoin Legal Tender". Forbes. Archived from the original on 8 September 2021. Retrieved 9 June 2021.
  6. ^ Renteria, Nelson; Esposito, Anthony (September 8, 2021). "El Salvador's world-first adoption of bitcoin endures bumpy first day". Reuters. Retrieved 9 September 2021.
  7. ^ Arnold, Tom; Strohecker, Karin (9 June 2021). "El Salvador president's bitcoin push casts shadow over IMF efforts". Reuters. Archived from the original on 8 June 2021. Retrieved 9 June 2021.
  8. ^ US taxpayers should be mindful of certain tax provisions that may need to be considered with respect to bitcoin following approval of recent legislation in El Salvador Archived 2021-06-18 at the Wayback Machine, 14 Jun 2021, Ernst & Young
  9. ^ Porterfield, Carlie (6 June 2021). "Here's Why El Salvador Wants To Be The First Country To Formally Adopt Bitcoin". Forbes. Archived from the original on 9 June 2021. Retrieved 9 June 2021.
  10. ^ Livni, Ephrat; Lopez, Oscar (7 September 2021). "El Salvador's Adoption of Bitcoin Is Off to a Rocky Start". New York Times. Archived from the original on 8 September 2021. Retrieved 8 September 2021.
  11. ^ "Why anti-Bitcoin protests erupted this week in El Salvador". Detroit Free Press. 2021-09-11. Archived from the original on 2021-09-12. Retrieved 2021-09-18.
  12. ^ "Bitcoin law protests break out in El Salvador as Central American neighbours wait to see its success". Euro News. 2021-08-30. Archived from the original on 2021-09-07. Retrieved 2021-09-18.
  13. ^ "Bitcoin ATM Burned in El Salvador Amid Anti-Bukele Protests". Bloomberg. 2021-09-15. Retrieved 2021-09-18.
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