Last month, El Salvador, became the first country in the world to integrate virtual currency Bitcoin as its official national currency. Already, the country was relying on the adopted currency of the USD, which was serving the country as its official currency. However, the relatively young President of El Salvador, Nayib Bukele single-handedly introduced Bitcoin amongst Salvadorans.
Bukele’s idea was unique and very innovative. He decided to legalize Bitcoin by giving the virtual currency the legal tender. Once the legal tender was allotted to Bitcoin, all that was required of Okele was to induct Bitcoin as the national currency. The President was of the view that the country has natural facilities for the development of Bitcoin mining farms. Again, the idea of mining Bitcoin was one of its kind. The President constituted a team of scientists and engineers to evaluate how the mining process can be made cheaper. The team of scientists and engineers came up with an idea that can ensure a low-cost energy production source. At the same time, the process was going to be environmentally friendly.
The teams suggested that there are various volcanoes in the country. The heat coming out of these volcanoes can be converted into a source of producing electricity. The project was immediately got sanction from the President and Bitcoin became the second official currency of El Salvador.
However, the public was skeptical about Bitcoin’s integration and, resultantly, a public poll was carried out by the Government. The findings of the poll also suggested that the public is less interested in Bitcoin. But the Government’s insistence completely ignored public opinion. Now the majority of Salvadorans are on the streets protesting against the Government and its Bitcoin initiative. The protesters have been claiming that already the country is going through an economic crisis. Meanwhile, integrating Bitcoin is meaningless keeping in view its highly speculative nature.
There is a resistance group in El Salvador known as “Popular Resistance and Rebellion Block” which is heavily protesting against Bukele’s regime. The resistance group has also written a letter to the President demanding the Bitcoin tender to be de-notified. They have claimed that such legislation is not only against the country’s constitution but also against the will of the general public. They stated that the Bukele regime is using unbridled powers and the bureaucracy too is under the great influence of the President. They opined that Bitcoin shouldn’t be integrated into the first place nor the Government sought public opinion.
The resistant group also claimed that the President’s initiative is such which involves the public in some kind of “gambling”.
Also amongst Salvadorans, President Bukele is losing the confidence of the people. The majority of Salvadorans are claiming that Bukele’s Government is a “dictatorship”.