What's happening in El Salvador, the world's first legal tender for Bitcoin?

In El Salvador, which is located in Central America, from September 7, 2021, a law that stipulates Bitcoin, which is a crypto asset (virtual currency), as legal tender will come into effect. El Salvador, which will be the 'first country in the world to use Bitcoin as legal tender,' has not been fully explained to the public, and it has been reported that protests are fierce.

Skepticism in El Salvador ahead of Bitcoin launch --La Prensa Latina Media

https://www.euronews.com/next/2021/08/28/bitcoin-protests-break-out-in-el-salvador-as-central-american-neighbours-wait-to-see-its-s

New Round of Protests Against President Bukele's Bitcoin Law in El Salvador --Decrypt
https://decrypt.co/79832/new-round-of-protests-against-president-bukeles-bitcoin-law-in-el-salvador

In El Salvador, a social experiment called 'Bitcoin Beach' has been conducted since 2019, and in June 2021, the 'Bill to make Bitcoin legal tender' was passed by the parliament. The Bitcoin Act, which will come into effect on September 7, 2021, stipulates that all economic entities accept Bitcoin as a means of payment, and both the US dollar and Bitcoin, which are the official currencies of Central America, are distributed as legal tender. Will be. However, at the end of August, just before it came into effect, protests became active, and there were voices from all over the city saying 'insufficient preparation.'

In cities such as San Salvador, Santa Tecla, Mejicanos, and Antiguoxcatlan in El Salvador, commercial establishments have not notified consumers 'whether Bitcoin payments are possible' among sellers. Some people say, 'I don't know if Bitcoin works like the US dollar.' Some sellers are worried about accepting Bitcoin payments because they have not been explained to individual stores about how Bitcoin payments work, and they say that the mechanism is complicated.

by joey zanotti

Meanwhile, President Nayib Bukele has said that he will install 200 ATMs that can handle Bitcoin from September 7, and ATMs have actually begun to be installed in parks and public plazas.

Regarding making Bitcoin a legal tender, the International Monetary Fund (IMF) has pointed out that it 'raises many macroeconomic, financial and legal issues and requires very careful analysis.' Benefits include providing financial services to people in areas that do not have a bank account or credit card and rely on remittances from relatives living in the United States, and reduce the cost of remittances. However, there are concerns that Bitcoin has large price fluctuations and cannot be controlled by anyone, and that it will lead to money laundering. This led to a large-scale protest in July to oppose the law.

According to a survey by the University of Francisco Gavidia, 6.5% of the respondents answered 'very good' and 12.9% answered 'good' in response to the decision to use Bitcoin as legal tender. 24% of the respondents answered 'not good' and 53.5% answered 'not good'.