El Salvador president fires back at opposition for criticizing Bitcoin law

TL;DR Breakdown

  • Bukele fires opposition for criticizing Bitcoin law
  • President to appear on national TV to clarify Bitcoin law

The President of El Salvador, Nayib Bukele, has fired back at his political opponents for their recent criticism after he and the parliament made Bitcoin a legal tender in the country.

Bukele raised questions over the lawsuit filed by the group, cautioning them from creating fear in the minds of Salvadorians. The El Salvador president also stated that the process to make Bitcoin a legal tender was passed by the congress after a thorough democratic process; hence the falsehood caused by the group was not necessary, he said.

The lawsuit against the new Bitcoin law in El Salvador was championed by opposition party Farabundo Marti National Liberation Front (FMNL). They alleged that the law was unconstitutional, and the president never considered the side effects of the law on Salvadorians.

El Salvador’s president appears on TV to clarify Bitcoin law

Towards playing down concerns and anxiety raised by the opposition President, Nabiy Bukele would appear on national TV and radio on Thursday to clear doubts in the minds of Salvadorians.

The Central American country became the first in the world to make Bitcoin a legal tender on June 9 when the majority of the legislators voted that Bitcoin is adopted as a legal tender.

Afterward, the president has begun consultations on how volcanoes in the country could be used to mine Bitcoins, especially now that a lot of concerns have been raised over the environmental threat of mining Bitcoin with non-renewable energy.

The country has also made progress since adopting Bitcoin, making moves on how civil servants in the country could be paid in cryptocurrency.

El Salvador is also set to get technical assistance for implementing Bitcoin as a legal tender as the Central American Bank for Economic Integration (CABEI) has come to their rescue despite the world bank’s denial.

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