SAN SALVADOR (Pakistan Point News / Sputnik - 23rd June, 2021) The bench of the right-wing Nationalist Republican Alliance party (Arena) presented an initiative to rescind the so-called Bitcoin Law in El Salvador, considering that it was imposed by the ruling party without consultations, the head of the Arena bench, Rene Portillo, said at a press conference.
"Part of the power that MPs have is to present the repeal of laws that are undesirable for the people, as the Bitcoin Law, a law passed without consultation in less than 90 minutes," deputy Rene said.
Portillo confirmed that the aforementioned cryptocurrency has caused insecurity among people and has negatively influenced the Salvadoran economy, as the basic basket has become more expensive since its approval.
"We cannot support the law that legalizes the mandatory use of non-existent Currency," said the legislator, whose party supported and approved a law that dollarized the country's economy and virtually destroyed the Salvadoran colón at the end of 2000.
The El Salvador parliament adopted the law legalizing Bitcoin as a means of payment on June 8, just a couple of days after President Nayib Bukele announced his intention to officially introduce its use. The legislation will regulate Bitcoin and will grant it "liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out." It also aims to facilitate financial inclusion to all citizens of El Salvador and promote economic growth. In presenting the bill, Bukele asserted that the state is obligated to provide alternatives that allow people to carry out transactions in Bitcoin and have "automatic and instant convertibility" into US Dollars.
Arena is the party associated with the Creole oligarchy and the right-wing death squads acting in opposition to Marxist-Leninist guerrilla forces during the armed conflict in El Salvador between 1980 and 1992. Arena governed the country until 2009 and is currently the main opposition party in the Legislative Assembly, with 14 of the 84 seats.
