Thousands Protest Against President Bukele
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El Salvador witnessed demonstrations against the policies of President Nayib Bukele, carrying banners that read "Bitcoin, fraud" and "No to dictatorship."
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Demonstrations in San Salvador on October 17, 2021.
Thousands took to the streets in El Salvador on Sunday in protest of President Nayib Bukele who has stoked concern that he is steadily concentrating power.
He responded by changing his Twitter profile later in the day to "Emperor of El Salvador".
Thousands of people in El Salvador took to the streets to air complaints against President Nayib Bukele, from adopting bitcoin as legal tender to firing Supreme Court judges, viewed by critics as a power grab https://t.co/XbpAKVrqny pic.twitter.com/stOsu7JU9S
— Reuters (@Reuters) October 18, 2021
Local media reported that at least 4,000 people marched through the capital San Salvador. Banners were lifted decrying Bukele's ouster of Supreme Court judges, the potential for the president to renew a second consecutive term, and the adoption of bitcoin as legal tender.
Thousands of people in El Salvador took to the streets to air complaints against President Nayib Bukele, from adopting bitcoin as legal tender to firing Supreme Court judges, viewed by critics as a power grab https://t.co/XbpAKVrqny pic.twitter.com/stOsu7JU9S
— Reuters (@Reuters) October 18, 2021
Protesters chanted slogans that included, "What does El Salvador want? Get rid of the dictator!" near the capital's main square, while some set fire to an effigy of the 40-year-old president.
This is the second-largest protest the country witnesses in just over a month, following marches that denounced bitcoin becoming a legal tender alongside the US dollar.
The first country to legalize Bitcoin
On the 7th of September, El Salvador became the first country to legalize Bitcoin, along with the US dollar, despite strong hesitation among the population and criticism from economists and international financial organizations.
The president believes that Bitcoin will allow Salvadorans to save $400 million in bank fees when receiving expatriate money, especially from the United States, which accounts for 22% of the country's GDP.
However more than two-thirds of El Salvador's 6.5 million residents, for the first time, opposed President Bukele's hugely popular decision and said in two separate referendums that they wanted to continue using the US dollar and the legal currency of El Salvador for 20 years.
It is worth noting that the Salvadoran parliament passed a law in June to legalize Bitcoin in the country and render it legal tender.
However, several economists, the World Bank, the International Monetary Fund, and the Inter-American Development Bank, expressed doubts and warned El Salvador about the dangers of taking this step.
