While many consider the adoption of Bitcoin as a legal tender in El Salvador to be revolutionary, others have strong indignations against it. The opposition party in the North American country wants the government to withdraw its decision and is ready to fight for it with a lawsuit.
The challenger to the controversial legislation the Farabundo Martí National Liberation Front (FMLN) party says the bill wasn’t born of genuine interest. It reportedly argues that the legislation is an attempt to loot the pockets of citizens and compel them to trade. A plaintiff Óscar Artero mentioned that the bill was approved without careful consideration.
Out of 80 seats in the legislative house, President Nayib Bukele’s New Ideas party holds 56 while FMLN has four. A lawyer in El Salvador, Enrique Anaya, said that the president is looking to unmake his hasty decision and might secretly offer support to the opposition to halt the legislation. El Mundo attached survey reports that indicate eight out of ten participants disapproved of the legislation.
International Agitation Against the El Salvadorian legislation
Aside from internal agitations from local merchants and now the opposition party, the International Monetary Fund (IMF) registered displeasure over the move. The organization says that there’d be a lot of economic and legal implications if the move was imposed. In lieu, the World Bank has declined to offer financial aid to El Salvador due to the BTC adoption.
The scalability issues surrounding the Bitcoin network made the El Salvadoran government partner with Strike, a lightning payment system. A local bank in the country also offered to help the government with technical needs.
The challenges that are threatening the nation over the adoption of Bitcoin as a legal tender would determine if our countries would toe their line. Other countries in South America are looking to adopt the crypto and the final resolution in the leading country would help shape their next step.