TL;DR Breakdown
• El Salvador celebrates its first month using Bitcoin and forces companies to accept it as payment.
• The ETH developer believes that Nayib Bukele lacked in educating Salvadorans about the use of crypto.
Recently the president of El Salvador Nayib Bukele was attacked by the Ethereum creator, who believes that his move to adopt cryptocurrencies was accelerated. Vitalik Buterin, the ETH creator, also branded Bukele and his followers as extremists.
Buterin says that it is unheard of to force national companies to accept cryptocurrencies by the adoption law. This measure would be contrary to what cryptocurrencies express as a source of a free economy for the whole world. Buterin opened the dialogue with Reddit magazine, where he expressed his discontent against the country’s president in Central America.
Ether creator on Nayib Bukele’s measurements
To put his words into context, the government of El Salvador, led by Nayib Bukele, accepted Bitcoin for legal use among citizens and companies. Although the Salvadoran president said the virtual currency could be an alternative for citizens, companies are expected to use it. In this way, Bukele would be promoted free trade by the unlimited transfers offered by the token.
Nayib Bukele says that every company must use Bitcoin as payment and within its financial system. The president has also created article 7 in the consitution that talks about the BTC adoption Law for El Salvador.
These measures divided the country between the enthusiasts who supported them and the merchants who rejected it, where there were also protests. Among the people who do not support El Salvador, Bitcoin Law is Buterin, who was to develop and launching Ethereum in 2015.
Buterin believes that it is foolish for Nayib Bukele to lead his citizens to use a decentralized currency without training them for this market. In this way, Buterin feels that Salvadorans are exposed to crypto scams due to btc misuse.
Buterin calls El Salvador’s measure for cryptos accelerated
The ETH developer believes that the president of El Salvador is extremist with the new measure against companies and that he is also a fool. According to his theories, Buterin believes that Nayib Bukele bought Bitcoin at a low cost, about $40000, to take advantage of its current boom in trading over $55000. However, he feels this investment movement was accelerated, considering that the country is uneducated about crypto.
Buterin also thinks that powerful US business people pushed El Salvador’s move as a form of praise. Bukele may seek US support after demonstrating that the country he governs accepts new technologies. But so far, he has not met those goals.
Beyond Buterin’s comments against El Salvador’s Bitcoin law, the country has increased its reception towards the token. However, there are still people and companies that do not understand their investment mechanism.
