El Salvador’s Bitcoin affair is accused of being little more than a public relations stunt.
When President Nayib Bukele announced in June 2021 that El Salvador will accept Bitcoin as legal cash, the entire globe was stunned. The law went into effect on September 7 of that year.
Since then, the country has remained loyal to Bitcoin, despite some difficult times.
However, TIME Magazine reporter Vera Bergengruen, who recently spoke with Bukele, believes that the choice had nothing to do with boosting the economy. She described it as a PR stunt.
While cryptocurrency fans throughout the world cheered the news, many Salvadorans remained sceptical.
The Bitcoin rollout had some substantial technical flaws, and the majority of consumers lacked the necessary technology and understanding to operate it properly.
To encourage more individuals to use the Chivo wallet app, the government even offered a $30 bonus, but it did not take off. Adoption rates remained low.
But Bukele remains quite popular at home. His harsh stance on crime and corruption resonates with those who have endured decades of bloodshed and insecurity.
He has been successful in bringing the
Many Salvadorans are relieved that the homicide rate has decreased.
His harsh approaches have also gained attention in the United States. Some Republicans respect his dictatorial tendencies and anti-establishment stance.
They perceive a leader who isn’t hesitant to make bold decisions, even if it means breaking the rules of democracy slightly.
Bukele likewise avoids traditional media and communicates directly with the public via social media, frequently accusing the mainstream media of prejudice.
Vera tells out that Bukele’s appeal stems from his ability to achieve results where others have failed. People in El Salvador are fed up with bogus political promises Sure, his methods might be controversial, but for a lot of folks, the results matter more than the process.
But Bukele’s approach to governing is raising serious red flags. His tight grip on the media and constant pushback against dissent are causing concerns about the future of democracy in the country.
In May 2021, his party-controlled Legislative Assembly removed the attorney general and several Supreme Court judges. That action was widely criticized as an attack on the country’s democratic system.
The way Bukele is concentrating power threatens the checks and balances needed for a healthy democracy. Journalists who try to report independently face harassment, and opposition voices are being silenced.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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