Thousands of El Salvador residents have taken to street protests against the government’s move to make bitcoin legal tender in the country.

In unfortunate timing with its 200^th independence anniversary, El Salvador has erupted in protest against President Nayib Bukele’s move to make bitcoin legal tender alongside the US dollar with effect from September 7. In sharp contrast to the enthusiastic support for President Bukele’s initiative from the crypto community, Salvadoreans marched with placards that read “No to Bitcoin.” (Coinspeaker)

Bitcoin ATM targeted

According to reports, enraged protesters set fire to one of the country’s newly installed Chivo Automated Teller Machines (ATM) that process bitcoin.

La actividad en el centro histórico de San Salvador transcurre sin sobresaltos mientras un cajero Chivo es consumido por el fuego tras las manifestaciones contra la bitcoinización de El Salvador. Video LPG/Michael Huezo. pic.twitter.com/fMPdWt7MNk

— La Prensa Gráfica (@prensagrafica) September 15, 2021

Bitcoin in El Salvador

President Bukele has had teething troubles with the bitcoin initiative from day 1. These include the initial non-availability of the Chivo app on the main Internet platforms, inadequate server capacity to meet the demand for downloads of the app, other technical issues, and a sharp drop in the price of bitcoin that unnerved countrymen.

Furthermore, citizens were probably not educated sufficiently about bitcoin, and as a result, they apprehend that the move would unleash inflationary forces and instability in the economic system of the country.

A recent survey of 1,281 Salvadoreans showed that nearly 68% disagreed or strongly disagreed with the change.

The President’s move is also viewed as heavy-handed and despotic – no surprises then that some protesters held aloft signs reading “Bukele Dictator.” Some said “Respect the Constitution.”

“It’s important to say this morning: Enough already! What the government is doing is arrogant, it is authoritarianism,” protester Dora Rivera told Reuters news agency, as cited by the BBC.

On the flip side, a recent newspaper poll showed that about 86% of people approved of President Bukele.

Other countries including Paraguay, Mexico, Ukraine, and Uruguay are closely watching the situation in El Salvador and mulling a similar move for bitcoin.

Related Story: El Salvador Readies For Bitcoin-USD Convertibility With $150M Trust