The opposition political party in El Salvador says President Bukele’s new Bitcoin law may be unconstitutional and harmful to the country. The parliament previously passed the law, according to which BTC is now a full legal tender in the country.
The opposition criticizes the bitcoin law
El Salvador’s grand plans to promote Bitcoin adoption may be abandoned if the new BTC law is found to be unconstitutional.
What is going on? A group of citizens and politicians from the political party, the National Liberation Front Farabundo Martà (FMLN), have filed a lawsuit with the Supreme Court, claiming that the new Bitcoin law is unconstitutional.
FMLN politician Jaime Guevara believes the new rules are “illegal”, the constitution and do not take into account the harmful effects on the economy.
Guevara also stated that the complaint to the court will also be a test for newly appointed judges of the Constitutional Chamber of the Supreme Court.
FMLN came third in the February parliamentary elections with almost 7% of the vote. President Bukele’s New Ideas then won the election. Today the party boasts two thirds of the votes in parliament. The second-placed Nationalist Republican Alliance secured almost 8% of the seats.
Controversies
It is worth adding that the new act aroused controversy from the very beginning. It mainly delighted the international BTC community.
Guevara stated that President Nayib Bukele’s program and his New Ideas (Nuevas Ideas) are generally harmful to the economy and at the expense of the public interest. He stressed that the lawsuit was a voice of protest “Ordinary people”.
The inhabitants of the country are also not satisfied with the changes or do not understand them. A survey of 1,600 people, led by the Salvadoran Chamber of Commerce and Industry, found that eight out of ten Salvadorans would not agree to receive payments and wages in Bitcoin. On the other hand, on June 16, Salvadoran Labor and Social Welfare Minister Rolando Castro said the country was not yet ready to adopt Bitcoin into the payroll system.
The plan to adopt Bitcoin also met with much criticism from the World Bank, which refused to help the country in its economic transformation, citing ‘Shortcomings in the field of environmental protection and transparency“Related to the cryptocurrency.
Second bottom
Some argue, however, that there is a further bottom line to the matter. If the adoption of BTC in El Salvador was successful, other countries with inflation problems could start using the cryptocurrency, including, for example, the enemies of the USA. In some ways, however, this would be a blow to the United States.
It is possible that the criticism of the Salvadoran government is not so much economic as political, which means that BTC has entered the battlefield of great powers. This can be very dangerous for the entire cryptocurrency market.
The article The Opposition criticizes the bitcoin law passed in El Salvador comes from – Bitcoin, cryptocurrencies and blockchain technology.
