El Salvador made history as the first country in the world to make a cryptocurrency as a secondary tender. They introduced Bitcoin as a secondary currency, and allowed people to use it in their daily lives. President Bukele, the man responsible for this monumental decision, received significant praise from the crypto community for his bold decision.
However, despite being one of the most defining decisions for cryptocurrencies in a decade, many people were against it. More specifically, many Salvadorans protested the president’s decision to make Bitcoin a legal tender within the country.
Since the law passed and Bitcoin became a secondary currency within the country, protests have erupted within the country. To this day, protestors have continued to gather within the country’s capital to protest the adoption of cryptocurrencies. Critics of the new laws believe that the fluctuations in prices could lead to very serious issues down the line.
Furthermore, many protestors standing out do not disagree with the cryptocurrencies, but rather the lack of information about the implementation. The protestors believe that cryptocurrencies can be very beneficial if people receive the help they need to understand cryptocurrencies.
In order to help Salvadorans better adjust to the new rules of the country, President Bukele is currently working on courses to help them. He has also given all citizens $30 worth of Bitcoin in a government-issued crypto wallet. Both of these things alone show a sincere effort on his behalf to help citizens adjust to the new laws.
Bukele also erected a variety of crypto ATMs throughout the country. These ATMs would allow Salvadorans to exchange their cryptocurrencies of choice for regular fiat currency in case they need it. Of course, since nearly all of the country now accepts cryptocurrencies, fiat currency will rarely be necessary.
While protests are still large throughout the country, Bukele is confident that the opposition will die down as more people understand how to use it. The president even offered citizens an app where they canstor all of their cryptocurrencies. However, the launch for the app was less than stellar.
Regardless, the app has recovered and all of the major issues from it are now gone. Popularity for the new decision has been especially high among the younger generation of Salvadorans. The ability to use Bitcoin as a legal tender is very much a dream come true for them.
While El Salvador has certainly seen its ups and downs in terms of its implementation of cryptocurrencies, it shows incredible promise. Soon after El Salvador opened its doors to cryptocurrencies, Cuba was next. Since they were facing sanctions from the United States, Bitcoin proved a good alternative to fiat currencies.