El Salvador: Pro-Bitcoin President Will Run for Re-election
Despite the constitution banning re-election, the president of El Salvador wants to follow in the footsteps of other developing nations.
On the eve of the 201st anniversary of the National Day of the Republic of El Salvador (September 15, 1821 – September 15, 2022), President Nayib Bukele announced that he would run for re-election in 2024 and confirmed his continued leadership, will reform the current administration well.
El Salvador's constitution has long barred presidents from serving two consecutive terms. However, just days before El Salvador legalized Bitcoin, a newly reformed court proposed constitutional reform, in which the President was allowed to run for a second time and the people were given the right to have a voice in the law Election. The proposal is highly likely to be approved by the National Assembly, as President Bukele's ruling party currently holds a majority in the legislature.
The US government immediately criticized, saying it would "undermine democracy" and that the legislative decision would only benefit supporters of the Bukele government.
Mr. Nayib Bukele emphasized:
“The developed countries ran for re-election, and thanks to the new configuration of our country's democratic institutions, so is El Salvador now.”
Since then, President Nayib has maintained a very high level of support. According to the results of a poll conducted by CID Gallup last month, 85% of people support the presidency and 95% approve of his management of security.
However, before the President's speech, many people took to the streets to protest, against the strategy of buying Bitcoin because of the lack of transparency.
During his tenure, Bukele officially approved Bitcoin as the legal currency of the country on September 7, 2021. After more than 1 year of Bitcoin "making great achievements" in this Central American country, Elsavador has nothing left, please read more in the article below.
A survey from February found that 20% of the population was actively using Chivo, El Salvador's preferred crypto wallet for Bitcoin transactions. 20% of large business owners polled accept cryptocurrency payments.
On the other hand, the legalization of Bitcoin has launched a new type of crypto tourism in this country, despite the market being still unpredictable. According to official figures, local tourism has grown by 82.8% year-to-date.
However, a few hours before announcing his re-election bid, the world's leading credit rating giant Fitch Ratings downgraded El Salvador's long-term foreign currency debt (IDR) issuance. Thousands of people are probably still holding the protest flags high, alongside some that see it as technological and financial progress for a developing country like El Salvador.
Fox Crypto News summary
Sep 17, 2022