Bitcoin law in El Salvador: positive effects on the quality of life of the citizens, but also concern about democracy and human rights

Bitcoin law in El Salvador: positive effects on the quality of life of the citizens, but also concern about democracy and human rights
Positive effects on El Salvador
The Bitcoin Act in El Salvador also has a positive impact on the country despite some challenges. One of these effects is the significant decline in crime, which has led to an improvement in the quality of life of the citizens. According to surveys, over 80% of Salvadorians believe that the crime rate under the government of President Nayib Bukele has dropped. This is an encouraging sign for the population.
Another positive aspect is accessibility in terms of access to Bitcoin. Even in remote villages, ATMs are available for Bitcoin. These ATMs were also very advantageous in terms of fees. A personal experience of Rettig confirms this.
In addition, El Salvador recently issued a law on digital assets in order to create a legal framework for Bitcoin-based organizations. This shows the commitment and will of the country to promote the use of Bitcoin and create a regulated market.
concern about democracy and human rights
Despite the positive effects of the Bitcoin Act, there are still concerns about democracy and human rights. Under President Nayib Bukele's authoritarian regime, allegations were made that the government worked with gangs and built one of the world's greatest prisons without proper procedures. This led to the detention of a large number of Salvadorians.
In addition, Bukele overridden the Supreme Court and lifted the president's term in term. This has led to further fears regarding democracy. It is important that continuous efforts are made to build confidence in the government and use Bitcoin.
Despite the concerns about democracy and human rights, Rettig hopes that the Bitcoin experiment in El Salvador will ultimately lead to financial inclusion and strengthening the population. It is a process that requires time and commitment, but there is the potential for positive changes. The time will show how El Salvador will develop through the use of Bitcoin.