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Thousands of protesters marched in El Salvador’s capital, San Salvador, against President Nayib Bukele's government for making bitcoin a legal tender in the country.
Bitcoin is Fraud Assert Salvadoran Protestors
On Sunday, thousands of protestors including feminist groups, human rights organizations, environmentalists, and members of political parties, shouted slogans and carried signs that read "Bitcoin is fraud," "No to dictatorship.”
El Salvador, which has been using the US dollar for two decades, became the first country in the world last month to legalize bitcoin as a national currency, which the government says will help revitalize its struggling economy.
Authorities are hoping the use of the digital cryptocurrency could help the country retain the more than $400 million worth of financial fees lost when Salvadorans send remittances home from abroad. Such payments make up some 22% of the country's GDP.
Salvadoran President Calls Himself a Dictator
Last month, Bukele proclaimed himself "dictator" of El Salvador on his Twitter account as a joke amid concerns about his increasing concentration of power.
In May, a Congress dominated for the first time by Bukele's New Ideas party voted to fire the judges on the constitutional panel of the Supreme Court, among the most senior jurists in the country. Replacements seen as friendly to Bukele were then swiftly voted in, which generated criticisms from the top international rights groups.