Protesters burn Bitcoin ATM in El Salvador’s capital

Residents of the capital of El Salvador took to the streets on September 15, the country’s bicentennial, to protest the legalisation of Bitcoin and the president Nayib Bukele’s recent moves to consolidate power, according to the Associated Press.

According to the protesters, Bukele has concentrated too much power in his hands, weakening the independence of the judiciary. They also oppose recognising Bitcoin as legal tender.

Some participants wore T-shirts bearing the slogan ‘No to Bitcoin’. Radical demonstrators set fire to one of ATMs with the option to convert into digital gold.

Activity in the historic centre of San Salvador passes without incident as a Chivo ATM is consumed by fire after protests against bitcoinisation of El Salvador. Video LPG/Michael Huezo. pic.twitter.com/fMPdWt7MNk

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

The protesters say that the arson and the looting were the work of provocateurs, but Bukele called it untrue. He noted that all opposition protests are always accompanied by vandalism.

“Vandalism” was said to have been done by “infiltrators”, but they have vandalised all of their demonstrations 🤷🏻‍♂️

Moreover, why aren’t there cries of “stop” or “don’t do that”?

What you hear are APPLAUSE and BOOS; and there is the press. pic.twitter.com/3MetlCntCK

— Nayib Bukele 🇸🇻 (@nayibbukele) September 15, 2021

This is not the first protest in San Salvador against the legalisation of Bitcoin. At the end of August hundreds of protesters gathered for a similar rally. They expressed concerns about a potential rise in corruption from the use of cryptocurrencies and the addition of digital gold to the US dollar.

Earlier, the government announced its intention to exempt foreign investors from capital gains tax and income tax on transactions with digital gold.

On 7 September in El Salvador the law came into force recognizing Bitcoin as an official means of payment alongside the US dollar. The opposition called the corresponding bill unconstitutional.

The legalisation of cryptocurrency has led to a sell-off of government bonds.

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