In early June this year, the El Salvadorian parliament supported a bill recognizing bitcoin (BTC) as a legal tender. The adoption of such a document was initiated by the country's President Nayib Bukele.
However, local opposition forces spoke out categorically against this law coming into force on the territory of El Salvador.
According to El Mundo, Jamie Guevara, representing the opposition Farabundo Martí National Liberation Front, filed a lawsuit in court demanding that the law on legalizing BTC be declared unconstitutional.
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Many oppositionists supported the policy. Their class-action lawsuit says the cryptocurrency could do a big blow to the state's economy. In addition, the recognition of bitcoin as a legal instrument directly contradicts the current constitution of the state.
The law passed by parliament states that now the prices of goods and services on the Salvadoran market will have to be indicated in BTC. Operations for exchanging bitcoin for fiat money are not subject to taxation.