Crisis in El Salvador as fraction rise against Bitcoin law


TL;DR Breakdown

  • Opposition files lawsuit against BTC law in EL Salvador
  • Why lawsuit was filed
  • Mixed reaction trails BTC legal tender status in El Salvador

An opposition party in El Salvador has risen against the recent Bitcoin law passed in the country. The group has filed a suit against the law seeking to reverse the milestone President Nayib Bukele recently achieved.

The opposition is a regional deputy that belongs to an opposition party in the country. Some citizens against the El Salvador Bitcoin law also joined forces with the political party. They described the law as unconstitutional.

Local media in Spain reports that the Farabundo Marti National Liberation Front (FMNL) party, one of the two main parties in the country, championed the lawsuit against the Bitcoin law.

Why El Salvador fraction are against Bitcoin law

According to the group, the presidential house was not clear on how the law would be implemented. Lawyer Enrique Anaya said this for the fraction.

Similarly, a survey carried out in the country by the Chamber of Commerce and Industry of El Salvador between June 11 and 15 revealed that more than eight out of every group of 10 do not agree to getting paid or receiving their salaries in Bitcoin.

Similarly, the country’s minister of Labor and Social Welfare, Rolando Castro, said the country is not yet ready to adopt Bitcoin as a means of paying salaries.

Mixed reaction trails Bitcoin adoption

Since the country already made Bitcoin a legal tender, many El Salvadorians already expressed mixed reactions to the law.

Oscar Arturo, a citizen plaintiff in the FMNL lawsuit, said the suit was necessary because the policy lacked a legal basis and failed to consider the harmful effects on the country.

He said the law is to loot people’s pockets and force individuals to trade. He urged the Constitutional Chamber of the Supreme Court of Justice, the country’s top judicial branch would side with his argument.

The El Salvador Bitcoin law was passed recently when an overwhelming majority of the country’s legislators supported the president in making Bitcoin a legal tender in the country.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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