Bitcoin opponents in El Salvador: Opposition grows despite cryptocurrency deployment

<p>Even as El Salvador's plan to make Bitcoin legal tender takes effect, opposition to the bill lingers.</p> <p>2021 will almost certainly go down in history as one of the most exciting years for Bitcoin (BTC), considering its recent embrace by billionaires and mainstream institutions, not to mention El Salvador's move to make it official tender.</p> <p>In the case of El Salvador, it almost appears as though the entire world is watching to see whether the experiment will be a success or a complete failure for the Central American nation.</p> <p>With the official adoption of Bitcoin as legal cash in El Salvador on Sept. 7, a surge of protests against the decision has raised concerns and ambiguity about how the new law will be implemented.</p> <p>From the arrest of individuals protesting the Salvadoran government's new rule to the wave of residents denouncing Bitcoin's legal status across the country, the pioneering cryptocurrency is encountering some headwinds.</p> <p>How Bitcoin got to be considered legal tender</p> <p>It all began in early June, when Salvadoran President Nayib Bukele tweeted that the country's legislative assembly had passed a bill legalising Bitcoin. The law was scheduled to take effect on Sept. 7 and would allow the country's 4.5 million inhabitants to make Bitcoin transactions in stores statewide.</p> <p>Bukele stated in his announcement that once a formal bill establishing Bitcoin as legal cash is passed, “Chivo ATMs” — Chivo is the name of El Salvador's official Bitcoin wallet — will eventually be “everywhere” in the country. This would enable El Salvadorans to cash out their Bitcoin holdings without incurring commissions, as is the case with services such as Western Union.</p> <p>Additionally, Bukele promised citizens that they will not be compelled to use Bitcoin. The 40-year-old president stated in a statement that "someone may always queue at Western Union and pay a commission."</p> <p>“What if someone is averse to using Bitcoin? [Well,] then, refrain from downloading the app a