The world does not need cryptocurrency, a haven for criminal activities that undermines State sovereignty and hurts people and the environment

The Bitcoin law was approved by the parliament, controlled by Bukele’s party and its allies, last June. Economists warned that the digital currency’s lack of transparency could attract increased criminal activity to the country and make El Salvador a haven of money laundering.

Many fear that the volatility of the cryptocurrency will affect their income and purchasing power. They condemned that it is not suitable for small vendors and only benefits the big investors and transnational companies.

In this case, the FBI was able to recover the majority of the ransom Colonial Pipeline paid in the form of bitcoin to cyberwarfare group DarkSide.

Newsclick’s Prabir Purkayastha talks about Facebook’s latest venture, Libra, which is being pegged as a cryptocurrency

Venezuela had earlier introduced the cryptocurrency petro, backed by the country’s oil resources, to bypass the crippling US sanctions