El Salvador recently passed a new law that will regulate cryptocurrency exchanges. However, bitcoin owners — who are a minority in the country — may be less happy about it as they have to register their wallets with the authorities in order to obtain a virtual ID.
El Salvador lawmakers have introduced a bill that would legalize the use of bitcoin and other digital currencies in the Central American nation. If passed, the new law could give the nation’s small bitcoin community some measure of legal protection.
The Bitcoin system has been in effects in El Salvador since April, but recently, the government has been trying to impose new legislation that would regulate the currency. But, everyone is concerned that this new law goes against the country’s constitution, and what they’ve done is “the worst possible move that could have been made.”. Read more about is cryptocurrency legal and let us know what you think.
El Salvador’s grand plans for the introduction of bitcoin could fall apart if President Buquele’s bitcoin law is declared unconstitutional by the national courts.
A group of citizens linked to the political party Farabundo Marti National Liberation Front (FMLN) has filed a lawsuit alleging that President Bukele’s bitcoin adoption program is unconstitutional.
FMLN lawmaker Jaime Guevara spoke out for citizens, including plaintiff Oscar Artero, calling the bitcoin law not legitimate and well-founded, and ignoring the importance and adverse effects such a law would have on the country, according to a rough translation by local media outlet El Mundo.
According to Guevara, the trial will test the newly appointed judges of the constitutional division of the Supreme Court.
In the general election in February, the FMLN finished in third place with nearly 7% of the vote, while Bukel’s New Ideas dominated with two-thirds of the vote. The Nationalist Republican Alliance, which finished in second place, got nearly 8 percent.
Salvadoran lawyer Enrique Anaya said the presidential chamber does not know how to implement the bitcoin law, which was passed on June 9, and suspects that lawmakers have even filed a lawsuit at the national level.
Guevara said there were many rumours that the bitcoin law favoured the agenda of President Nayib Bukele and his party New Ideas (Nuevas Ideas) over the public interest, describing the process as a mere representation of the people.
A survey conducted by the Chamber of Commerce and Industry of El Salvador between 11 and 15. A survey of 1,600 people conducted in June found that more than eight in 10 Salvadorans would not accept payments and salaries in bitcoins. The 16th. In June, El Salvador’s Minister of Labor and Social Affairs, Rolando Castro, said the country was not yet ready to accept bitcoin for wage payments.
The plan to introduce bitcoin has already met with resistance from the World Bank, which has refused to help the country with the transition, citing environmental and transparency shortcomings related to the digital asset.
According to Cointelegraph, even though the bitcoin law remains in place, there are still many barriers to its adoption across the country due to scale limitations.
At the time of writing, the price of bitcoin has dropped 7% in the past 24 hours and now stands at $32,800.
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