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Opposition files a lawsuit claiming El Salvador President’s bitcoin adoption law is unconstitutional.

El Salvador's President Nayib Bukele predicted that Bitcoin will ultimately see a "gigantic price increase" due to its limite
El Salvador’s President Nayib Bukele predicted that Bitcoin will ultimately see a “gigantic price increase” due to its limited supply of only 21 million digital coins.

A group of citizens joining forces with the political party Farabundo Martí National Liberation Front (FMLN) has filed a lawsuit claiming El Salvador President Bukele’s Bitcoin adoption program is unconstitutional. FMLN legislator, Jaime Guevara, led the move along with citizens, including plaintiff Óscar Artero, who characterize the country’s Bitcoin law as “lacking in legality, foundation, and did not consider the significance and harmful effects that such a law will cause to the country,” according to the local media outlet El Mundo.

Opposition challenges President Bukele’s new bitcoin law.

FMLN legislator stated the complaint would test the newly appointed magistrates of the Constitutional Chamber of the Supreme Court of Justice. The FMLN came third in this year’s legislative election with nearly 7% of the vote, while Bukele’s New Ideas established a dominant lead with two-thirds of votes. Second-placed Nationalist Republican Alliance secured nearly 8%. Guevara further stated that it is “widely rumored” the Bitcoin law advances the agenda of President Nayib Bukele and his New Ideas (Nuevas Ideas) Party at the expense of the public interest, stating, describing the lawsuit as “simply representing the people.”

El Salvador faces criticism from global regulators as well.

The Central American country passed a law authorizing bitcoin as legal tender in the country. The adoption of bitcoin as a legal tender got all the praise from crypto enthusiasts around the world, but it did not sit well with global regulators. As reported earlier, the World Bank refused El Salvador’s request to help the country’s transition to adopt Bitcoin as legal tender. Salvadoran Finance Minister Alejandro Zelaya said they sought technical assistance from Banco Mundia (World Bank), which was denied.