People marched in El Salvador’s capital to protest against the adoption of Bitcoin as legal tender amid a bumpy initial rollout of systems to support the digital currency.

El Salvador became the first country in the world to accept Bitcoin as legal tender on Tuesday.

Protesters burned tyres and set off fireworks in front of the Supreme Court building as the government deployed heavily armed police to the scene.

“This is a currency that’s not going to work for pupusa vendors, bus drivers, or shopkeepers,” said a San Salvador resident who opposed the adoption of the cryptocurrency. Pupusas are a traditional Salvadoran corn-based food.

“This is a currency that’s ideal for big investors who want to speculate with their economic resources.”

The protest came as El Salvador’s government was rushing to iron out technological snags in Bitcoin’s first-day rollout. Ahead of the launch, El Salvador bought 400 Bitcoins worth about $20m.

A person holds a sign that reads 'The Bitcoin bill must be repealed, it will bring more corruption and poverty', as people protest against its use in San Salvador. [Jose Cabezas/Reuters]
A person holds a sign that reads ‘The Bitcoin bill must be repealed, it will bring more corruption and poverty’, as people protest against its use in San Salvador. [Jose Cabezas/Reuters]

Advertisementhttps://d7c1403bdd46a184e8cdb3c3a0d7c9cd.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Economic agents are obliged to accept cryptocurrency and all prices of products and services must be expressed in dollars and Bitcoin. [Rodrigo Sura/EPA]
Economic agents are obliged to accept cryptocurrency and all prices of products and services must be expressed in dollars and Bitcoin. [Rodrigo Sura/EPA]
The protests came as El Salvador's government was rushing to iron out technological snags in Bitcoin's first-day rollout. [Rodrigo Sura/EPA]
The protests came as El Salvador’s government was rushing to iron out technological snags in Bitcoin’s first-day rollout. [Rodrigo Sura/EPA]
A soldier stands guard while people ask for information about the use of Bitcoin outside an ATM of Chivo wallet, a Bitcoin wallet the Salvadoran government is launching for the use of Bitcoin as a legal tender, in San Salvador. [Jose Cabezas/Reuters]
A soldier stands guard while people ask for information about the use of Bitcoin outside an ATM of Chivo wallet, a Bitcoin wallet the Salvadoran government is launching for the use of Bitcoin as a legal tender, in San Salvador
Riot police stand guard during the protest against the circulation of Bitcoin in San Salvador. [Marvin Recinos/AFP]
Riot police stand guard during the protest against the circulation of Bitcoin in San Salvador.
Critics have warned the cryptocurrency's lack of transparency could attract increased criminal activity to the country and its wild swings in value could quickly wipe out users' savings. [Marvin Recinos/AFP]
Critics have warned the cryptocurrency’s lack of transparency could attract increased criminal activity to the country and its wild swings in value could quickly wipe out users’ savings.
El Salvador became the first country in the world to accept Bitcoin as legal tender, despite widespread domestic scepticism and international warnings of risks for consumers. [Marvin Recinos/AFP]
El Salvador became the first country in the world to accept Bitcoin as legal tender, despite widespread domestic scepticism and international warnings of risks for consumers.

Leave a Reply

Your email address will not be published. Required fields are marked *