Opposition poses constitutional challenge to El Salvador’s Bitcoin law



El Salvador’s grand plans to promote Bitcoin adoption could be turned upside down if President Bukele’s Bitcoin law is proven unconstitutional in the country’s courts.

A group of citizens joining forces with the Farabundo Martí National Liberation Front (FMLN) political party has filed a lawsuit alleging that President Bukele’s Bitcoin adoption program is unconstitutional.

FMLN lawmaker Jaime Guevara led the action along with citizens, including plaintiff Óscar Artero, who characterized the country’s Bitcoin law as “without legality, foundation, and did not consider the importance and harmful effects such a law will cause to the country, ”According to an approximate translation of the local media The world.

Guevara said the complaint will test the new judges of the Constitutional Chamber of the Supreme Court of Justice.

The FMLN took third place in the February legislative election, with nearly 7% of votes, while Bukele’s New Ideas established a dominant leadership with two-thirds of the vote. The Nationalist Republican Alliance in second place guaranteed almost 8%.

Salvadoran lawyer Enrique Anaya commented that the Presidential House was not clear on how to implement the Bitcoin Law, which was approved on June 9th, and suspects that lawmakers may have initiated the process internally.

Guevara said there are “widespread rumors” that the Bitcoin law advances the agenda of President Nayib Bukele and his New Ideas Party (Idéias Nuevas) to the detriment of the public interest, declaring, describing the process as “simply representing the people.”

One research with 1,600 people conducted by the El Salvador Chamber of Commerce and Industry between June 11 and 15 indicated that more than eight out of ten Salvadorans would not agree to receive payments and salaries in Bitcoin. On June 16, El Salvador’s Minister of Labor and Social Welfare, Rolando Castro, said the country is not yet ready to adopt Bitcoin for wage payments.

Related: World Bank Refuses El Salvador’s Request for Help in Transitioning Bitcoin Adoption

The Bitcoin adoption plan has already been resisted by the World Bank, which has refused to help the country in its transition, citing “the environmental and transparency deficiencies” associated with the digital asset.

As reported by Cointelegraph, even if the Bitcoin law remains in effect, there are still many obstacles to mainstream adoption across an entire nation due to its limitations of scale.

As of this writing, Bitcoin prices have fallen 7% in the past 24 hours to $32,800.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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