El Salvador retirees protest against Bitcoin as legal tender

[Despairo]

Introduction : We already know El Salvador become the first country that 100% support Bitcoin because they plan to accept Bitcoin as a legal tender on September 7, 2021 which will bring mass adoption for Bitcoin. As we can see many users spreading good news about El Salvador in this forum, some of them:

• El Salvador plan to make BTC legal tender
• El Salvador started BTC campaign in their country
• El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption

I thought there will no bad news from El Salvador to Bitcoin, but I'm wrong I'm really shocked when I see a news talking some veteran, pensioners, and workers from El Salvador protest against Bitcoin as legal tender. The most shocked thing is their opinions about Bitcoin, all is bullshit!

“We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,” Stanley Quinteros, a member of the Supreme Court of Justice’s workers’ union, reportedly said. Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We don’t want Bitcoin” and “No to corrupt money laundering.”

What on earth did they say??? NO CONTROL OVER IT, CORRUPT MONEY LAUNDERING!
Bitcoin = Be Your Own Bank, you have full control over it just like how Bank can have full control of your Fiat. Bitcoin could be used for Money Laundering but do you have an evidence about it? No! You just ignored the fact your favorite Fiat is always be used for money laundering $800 billion - $2 trillion in current US dollars every year!

Not understand about technology and lack of knowledge? You can still to learn, there's no restrictions to study Bitcoin where you from, where you live, how old are you, what you gender, anyone can learn it! A lot youtuber, article, animations, and whatever already make simple definition for Average Joe to learn Bitcoin, you don't need to learn the technical thing at least you know what is Bitcoin, how it works, how to use, etc etc.

According to local reports, El Salvador’s latest anti-Bitcoin protests were apparently a part of a wider opposition campaign by local veterans protesting over low pensions on Friday. As such, some protesters reportedly demanded a pension increase from $100 to $300.

They want to be rich, but they protest against Bitcoin used as legal tender LOL does this both picture are hard to understand? please, open your eyes. Bitcoin from 0 went to $47K while USD from $25 went to $1

 

Salvadoran President Nayib Bukele announced legislation to accept Bitcoin as legal tender alongside the U.S. dollar in early June. The bill later passed the nation’s Legislative Assembly and is scheduled to be enforced on Sept. 7. Last week, the president clarified that Salvadorans would be free not to use Bitcoin, stating:

“What if someone doesn’t want to use Bitcoin? Don’t download the Chivo app and continue living your normal life. Nobody is going to take your dollars. Someone can always queue up at Western Union and pay a commission.”

This is the most thing I fully respect El Salvador's President statement, he doesn't forcing anyone to download their own Bitcoin app named Chivo which I think it's web wallet or the worst case ask KYC of their citizens. So if you have a privacy concern and worried about the credibility/trustworthy about the wallet, you can use non-custodial wallet or hardware wallet.

In the end, I hope El Salvador's President wouldn't postpone or even rejecting the plan to accept BTCitcoin as legal tender


Source :

• https://coinmarketcap.com/currencies/bitcoin/
• https://www.unodc.org/unodc/en/money-laundering/overview.html
• https://www.visualcapitalist.com/purchasing-power-of-the-u-s-dollar-over-time/
• https://cointelegraph.com/news/retirees-in-el-salvador-protest-against-bitcoin-adoption

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[Charles-Tim]

According to the news I have read was that 30% of El Salvadorians make use of bank, this is one of the reasons the bill to make Bitcoin a legal tender was proposed and accepted by the Salvadoran Congress.

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc

— Nayib Bukele (@nayibbukele) June 9, 2021
He said that accepting Bitcoin would be mandatory for all businesses. “They have to take it by law,” he said of merchants in the country. “If you go to Mexico, they have to take your pesos.”

This would have been the cause of protests by some people that went against the bitcoin law. If bitcoin is accepted, it is by force that every business should accept it as a form of payment in El Salvador. I think the government should not go to this extent, they should let citizens to have their own opinion to make. Even if they accept Bitcoin as a legal tender, it should not be a compulsory form of payment, they should just only accept it as a legal form of payment which I think it is enough and not mandating their citizens to accept it as some do not want to. Bitcoin should give freedom, El Salvadorian government should also think about this before making compulsion move, Bitcoin is better to just be a legal form of payment and not more.

[Kong Hey Pakboy]

Another BS, money laundering is much easier to get caught if they use bitcoin because there's a public ledger that helps you trace the suspicious transactions. It's normal that the prices are volatile, that's how it is plus why do they make a big deal out of bitcoin, as if it's the only thing that matters in El Salvador.

[Sterbens]

That's what alternative payments are used for besides Bitcoin. Because we inevitably have to look the other way, how not all El Salvadorans accept the policy that the government is trying to implement that makes Bitcoin a legal payment.

These cases serve as an evaluation before going any further, we know adoption is good, but if anyone feels that inequality in freedom of choice transactions actually falls on El Salvador coercive law enforcement.

Before that, the government should really provide comprehensive education to all elements of society, both young and old, and also the implementation of Blockchain technology-based curriculum, especially the economy under Bitcoin.

[NeuroticFish]

“Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We don’t want Bitcoin” and “No to corrupt money laundering.”

Before that, the government should really provide comprehensive education to all elements of society, both young and old, and also the implementation of Blockchain technology-based curriculum, especially the economy under Bitcoin.

This is most probably the result of media/news. The old "bitcoin is dirty money" narrative is still there, I see. Poor misinformed souls are pieces in a game they don't understand, still, they're out protesting.
And if one wants to believe something, no government ad or educational material would get him out of that (just see all what's going on around covid). So educating them won't work.

The only correct move I can see is to move on as planned, provide all the tools and make this program a success. Then they might get out from their bubble.

[Kittygalore]

Another BS, money laundering is much easier to get caught if they use bitcoin because there's a public ledger that helps you trace the suspicious transactions. It's normal that the prices are volatile, that's how it is plus why do they make a big deal out of bitcoin, as if it's the only thing that matters in El Salvador.

Exactly, it's as if it's still 2014 in El Salvador, bitcoin isn't just used by criminals anymore and it hasn't been the thing ever since, that's why their worries are all misplaced. And you're right about the part where they can easily track the criminals that use bitcoin for illegal activities.

[Sterbens]

This is most probably the result of media/news. The old "bitcoin is dirty money" narrative is still there, I see. Poor misinformed souls are pieces in a game they don't understand, still, they're out protesting.
And if one wants to believe something, no government ad or educational material would get him out of that (just see all what's going on around covid). So educating them won't work.

The only correct move I can see is to move on as planned, provide all the tools and make this program a success. Then they might get out from their bubble.

Because this is indeed an early stage, it is possible that the Government should work even harder to prove that the constraints faced by the community, especially the complaints of retirees, will be given more attention.
It must be continued according to the initial plan, how this goal must be achieved together with mutual synergy between the government and the community in order to reap success.

Despite all the accepted reasons, this is still worthy as input for the government to give more attention.
People really want things that are in accordance with their needs on that day, just as living the economy in the midst of Covid 19 has left many behind. So a fair complaint where it happened in El Salvador which authorized the adoption of legal payments via Bitcoin.

[Ucy]

Well, extreme price volatility is not frequent, but if he's talking about mere volatility, that can also be seen in any fiat currency. Fiats typically fluctuate moderately though (but are inflationary), and they infact have extreme price volatility especially during crisis period... and they lose their value long-term due to inflation compared to Bitcoin which increase in price(+value) longterm.
I can't imagine a currency that doesn't fluctuate at all, probably dead currency? Fluctuations are normally in the economic world of demand and supply, and in a world where prices of goods & services fluctuate.

In regards to laundering money, depends on how useful/moral the money laundaring law is.   I think the app could be built in a way that check that without violating Bitcoin important principles.  If the app is centralized then you will probably need a centralized regulators to check that.

[avikz]

To begin with, El- Salvador is a democratic nation and not a Monarchy . So their people have legal rights to protest against anything. So whenever a country tries to being in big change into any field, protest happens! These protests are either natural or ignited by the opposition. The second one seems the case here!

Also I don't think El-Salvador has made bitcoin mandatory. I don't think they have forced their employees to get salary in bitcoin. So if that is not the case, then I don't see any legit reason to hold such protests. That's why the connection with the opposition party seems more obvious.

[BITCOIN4X]

There are always pros and cons to any decision taken by the government of any country, including El Salvador's decision to legalize bitcoin as a legal tender. We are all not responsible for changing the mindset of people who don't believe in bitcoin or people who are anti-bitcoin wherever they are and whoever they are. Bitcoin is a decentralized currency that has the same function and uses as fiat currency. The misappropriation of bitcoin in illegal acts such as money laundering by certain individuals is not the failure of the currency to prevent illegal acts and it is one of the things that every country that owns the currency needs to think about including the creation of bitcoin.

The government has the right to decide and regulate bitcoin can be used or not as a legal currency after they have conducted an in-depth study. If bitcoin can help the community in terms of the financial system, payment transaction and so on, the legality decided by the government must be supported. There's no need to think about the handful of people who are against the legality decision, they'll find out the truth once they learn more about it.

[wxa7115]

This would have been the cause of protests by some people that went against the bitcoin law. If bitcoin is accepted, it is by force that every business should accept it as a form of payment in El Salvador. I think the government should not go to this extent, they should let citizens to have their own opinion to make. Even if they accept Bitcoin as a legal tender, it should not be a compulsory form of payment, they should just only accept it as a legal form of payment which I think it is enough and not mandating their citizens to accept it as some do not want to. Bitcoin should give freedom, El Salvadorian government should also think about this before making compulsion move, Bitcoin is better to just be a legal form of payment and not more.

Unfortunately this is exactly what legal tender means, it is a form of money that has been recognized by the government and by law you must accept it, it is not really an option to not do it.

However I see your point maybe if they recognize bitcoin as a form of money that you can accept but that you can reject as well if you are not comfortable using it then maybe this will not be such a huge shock for a portion of the population that does not want to use bitcoin, however I think that the government of El Salvador is seeing the incredible potential that bitcoin has and they do not want to miss on it while being ambivalent about the issue.

[hatshepsut93]

Nayib Bukele is not a tremendously popular president, he and his closest people were accused of corruption many times, so this is where the idea that Bitcoin will be used for money laundering comes from. Also, if the government will decide to store a large portion of its assets in Bitcoin, then volatility is a very valid concern. I would protest too if my government held more than 5-10% of its treasury in Bitcoin, even though I myself have a much higher portion of my networth in BTC.

[Maidak]

“Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We don’t want Bitcoin” and “No to corrupt money laundering.”

It would be very advanced if they made Bitcoin mandatory. Because very few people have a good idea about technology and fewer people use it. There is no denying that very few people are accustomed to Bitcoin, and imposing anything on the public without proper knowledge can be daunting. It would be better to keep Bitcoin as a compulsory payment gateway and at the same time make it possible for everyone to be educated on the principles and uses of Bitcoin.

[DrBeer]

Pensioners are a rather specific stratum of the population ... They almost always and everywhere deny progress, they are afraid of changes, they do not want to study not only new, even simple household, technologies, but they are not even ready for new goods! In this case, they are quite justifiably opposed to an entity that is absolutely incomprehensible to them. They are used to coins and bills in the wallet and not to hashes, transactions and blocks of transactions. Plus, passwords to wallets are a huge problem for them ... In general, they are right, on their part. Well, objectively, from the economic point of view, replacing the national currency with a crypto asset is a dubious program of "healing" the economy ... The only question of the volatility of cryptocurrencies guarantees an outbreak of negativity among the masses, with the next bearish trend - what will you tell them if they are not already high stocks, will be reduced by 10 times, with a fall in the rate of cryptocurrencies? And this is a normal process for the crypto market! ...

[ILuckyGuyI]

This is not the first time I hear some people saying that Bitcoin price is always fluctuating so it can't be made legal tender. But even if they continue to say these things, El Salvador has made it legal tender. And this will stay the way it is as long as the country doesn't start getting harmed by this move. They should be really careful about this situation. Otherwise, all the effort will be in vain.

[Botnake]

This is not the first time I hear some people saying that Bitcoin price is always fluctuating so it can't be made legal tender. But even if they continue to say these things, El Salvador has made it legal tender. And this will stay the way it is as long as the country doesn't start getting harmed by this move. They should be really careful about this situation. Otherwise, all the effort will be in vain.

Being the first state to make bitcoin as a legal tender, then its really expected that not all people will agree on it particularly for those old people who were not able to study on new technology so having to use fiat for a lifetime is already good enough for them. Not just them but also for those kind of people who still believe that bitcoin is a scam and there is no way that bitcoin can be a good currency but for money laundering purposes only.

Good thing about this is that the President is not forcing to use bitcoin for now but i know in time, bitcoin will be mandatory already as only few people only get to oppose the current enforced system. Well, everything can be learn in bitcoin so there's no way people can escape that.

[dothebeats]

The protesters are probably afraid of change that they know little about. What the government of El Salvador can do is to just continue with the planned start date of the law and place infographics and some flyers re: benefits of using bitcoin as legal tender and how it can help their economy. It will take time for the whole population to understand the benefits of bitcoin but it will come as long as the government is sincere in their efforts to educated the masses alongside making bitcoin a legal tender in the country.

Also, the government isn't forcing its citizens to use bitcoin, so there is still room for pensioners and old-timers to use whatever they want to use in buying things and receiving payments.

[Kasabus]

“Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We don’t want Bitcoin” and “No to corrupt money laundering.”

It would be very advanced if they made Bitcoin mandatory. Because very few people have a good idea about technology and fewer people use it. There is no denying that very few people are accustomed to Bitcoin, and imposing anything on the public without proper knowledge can be daunting. It would be better to keep Bitcoin as a compulsory payment gateway and at the same time make it possible for everyone to be educated on the principles and uses of Bitcoin.

For me, the legalization  for bitcoin just got so fast. I do understand the President has  a good intention for accepting bitcoin but the reaction of the citizens seem not in favor about bitcoin. There must be a public education for all about bitcoin, learning the whole benefits about bitcoin and how they will be able to use it and definitely its pros and cons. The citizens are obliged to know all the basic things about bitcoin so that they will not always come up questioning about the current sytem.

I know things might only be worst in the beginning but as time goes by, the problem will definitely be solved. After all, bitcoin is user friendly so all citizens would really love using and having it once they will learn how to use it.

[Slow death]

It's unbelievable how some people can use the argument that bitcoin is hard to deal with (they can't understand the technology), but it's the same people who use facebook, instagram and Whatsapp and so many other social networks and apps, it gets comical because people can easily google bitcoin in the same way they do research on singers and movie actors, it is unacceptable to use arguments that would need more time to learn about bitcoin, about volatility they may be right, and it will be very difficult to deal with this high bitcoin volatility

[adzino]

Those old geezers should actually first learn what bitcoin is and how it works. It's sad to see them associating bitcoin with just criminal activities. Funny how they act like fiat isn't being used to launder money at all. In fact, it would be harder to launder money using bitcoin since bitcoin can be traced very easily. I am sure those guys that are protesting are the ones that are corrupted and are scared that they won't be able to continue with their regular corruption using bitcoin. Educate them more about this technology!