The bitcoin pill still does not pass in El Salvador.

Several thousand people marched Sunday, October 17 in the streets of the capital, San Salvador, to protest against the policies of President Nayib Bukele, including his decision to make bitcoin the second official currency of the country.

"Bitcoin, the scam", "No to dictatorship", "Democracy cannot be negotiated, it defends itself", "Down with authoritarianism", we read on the signs held up by the protesters , who marched at the call of several political parties of left and right and organizations of all kinds.

In El Salvador, bitcoin becomes official currency © AFP

"People are starting to get tired of this authoritarian, undemocratic government. It is leading us straight into the abyss with its bad ideas that damage the economy, like this bitcoin," Ricardo Navarro, head of the economy, told AFP. environmental organization Cesta, among the organizers of the event.

El Salvador became on September 7 the first country to make bitcoin legal tender, along with the US dollar, which became the country's official currency two decades ago.

Skepticism of international institutions

The government justified this measure by the possibility of reducing the transfer fees on the sums sent to the country by the three million Salvadorians living abroad, including 2.5 million in the United States, and who represent 22% of the product. gross interior of the country.

But the International Monetary Fund, the World Bank and the Inter-American Development Bank have expressed skepticism and warned El Salvador about the risks of the operation.

Nayib Bukele, 40, in power since 2019, enjoys tremendous popularity after shaking up the traditional parties that have dominated Salvadoran politics for 30 years.

But his authoritarian inclinations earned him vehement criticism from his opponents and the international community.

With AFP

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