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Salvadorans take to the streets to protest against the implementation of Bitcoin as legal tender

El Salvador will begin to accept the cryptocurrency as legal tender alongside the US dollar on September 7. However, there is still some skepticism.
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Bitcoin will become legal tender in El Salvador on September 7.Bitcoin will become legal tender in El Salvador on September 7.
El Salvador became in June this year the first country in the world to pass a law to make Bitcoin legal tender. The new regulation aims to come into force next September 7, but not everyone accepts this decision.

Over the last few days, a large crowd of Salvadorans have taken to the streets to protest against the speed with which this measure has been accepted. According to the new law, the popular cryptocurrency will have the same validity as the US dollar, however, some show skepticism towards this initiative.

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To date, the official U.S. currency. This currency has proven for decades that it is stable. However, Bitcoin is known for its ups and downs in the market, therefore, the citizens of El Salvador do not fully trust this regulation.

Salvadorans’ concerns
Bitcoin is characterized by its enormous volatility and the possibility of money laundering. These two peculiarities of the digital currency mean that Salvadorans do not fully trust the government’s decision to make it official.

According to the president of El Salvador, Nayib Bukele, this measure will facilitate remittance payments by Salvadorans living abroad and sending money to their relatives. However, some international players such as the International Monetary Fund consider that this new law will be counterproductive.

The cryptocurrency is constantly changing in value. This situation causes the unknown of how much a Salvadoran’s Bitcoin savings will be worth in a few years. Digital money can multiply or shrink just as easily.

Bukele showed images of the government’s cryptocurrency application.
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For the time being, the government of El Salvador has created a $150 million fund as a security measure and to guarantee convertibility. In addition, Bukele affirms that the US dollar will remain the national currency alongside Bitcoin.

On the other hand, as far as money laundering is concerned, it is worth noting that cryptocurrency is easier to launder without raising suspicions. This is because when the money is digitized it is practically anonymous and it is complicated to trace who is behind it.

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Facebook plans to market its digital wallet and enter the NFT world

According to the director of Facebook Financial, David Marcus, the launch of its crypto wallet will be made at the same time as the release of Diem, the former Pound.
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The digital wallet will be launched at the same time as Diem.The digital wallet will be launched at the same time as Diem.Facebook
Facebook is cementing its entry into the world of cryptocurrencies. First it was with the announcement of Diem (formerly Libra), the digital currency they are developing together with other technology companies. Now, they have assured to have their own digital wallet Novi ready.

The Director of Facebook Financial and co-creator of Diem, explained yesterday that the company is waiting for its cryptocurrency to come to market before launching Novi. To date, Diem has gone through many problems that have forced it to delay its release.

Diem’s pilot is expected to be launched by the end of the year and thus join the other cryptocurrencies already on the market.
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However, it is expected to make its triumphant leap into the world of digital currencies by the end of this year or the end of this one. According to the company, Diem will be a stablecoin, so its value will be the same as the fiat currency of the country from which it operates.

On the other hand, Marcus has also confirmed that it is «definitely looking for» ways to get involved in the NFT industry. «When you have a good crypto wallet like Novi will have, you also need to think about how to help consumers support NFTs,» the Facebook Financial director has recounted.

NFT digital assets are about crypto addresses just like cryptocurrencies. For that reason, it makes sense that the company expects to store them in a crypto wallet. At the moment, Marcus has not clarified how he intends to get into NFTs, but he has underlined his intention to do something about it.