El Salvador adoption of Bitcoin as a legal tender has attracted attention from different sectors. Ethereum co-founder is the latest to comment on the development criticizing the approach taken by the Latin American Nation.
El Salvador Criticised for Failing to Educate its Prospective Users
Buterin made his opinion known in a Reddit post on September 8 highlighting different flaws in the El Salvadoran Bitcoin law. He criticized the El Salvador government for not educating prospective users before implementing the law.
Buterin also noted that the move to adopt only one cryptocurrency, Bitcoin, was not nice, since there are better cryptocurrencies with developed functionalities, such as smart contracts and decentralized finance. He believes the move will put a large number of new traders at very high risk.
“Nothing unpopular about this opinion. Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space. Additionally, this tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless and risks a large number of innocent people getting hacked or scammed. Shame on everyone (ok, fine, I’ll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him”.
Furthermore, He stated that the idea of monopolizing the crypto space with the law was against the freedom of trading different digital assets in the crypto community.
Ethereum co-founder also called out the Bitcoin maximalists for being responsible for the praises the El Salvador Bitcoin law is receiving.
The Bitcoin law has not only faced backlash from the crypto community, but also from the El Salvador community who took to the streets yesterday to protest against the law.
El Salvador President Under Criticism
President of El Salvador, Nayib Bukele has come under criticism for his rigid tactics towards implementing this law. After going on Twitter to boast of piloting the new policy, he also changed his bio to “the coolest dictator in the world world”
Due to the authoritarian tendencies of the Salvadoran government, the law has been heavily criticized, which essentially runs counter to the liberal tendencies of cryptocurrency.