- Bitcoin will still be used as money in El Salvador during President Nayib Bukele’s second term, his vice president confirmed.
- El Salvador is thinking about using Bitcoin more, but the International Monetary Fund thinks they should think again. This happened while they were talking about getting a loan of a billion dollars.
- The Vice President said that Bitcoin City, which is a tax-free place for cryptocurrency, is going to be built in the east. Also, investors who put $1 million into cryptocurrency will be able to get special passports.
- The election in El Salvador is happening this Sunday. Most of the people want the youngest president in Latin America to win.
El Salvador has reaffirmed its support for using Bitcoin as a legal currency, despite the ongoing election trends. Vice President Felix Ulloa said that Bitcoin will still be allowed to be used as money during President Nayib Bukele’s next term as leader.
This decision shows that the government is committed to using cryptocurrency even though there may be some difficulties in getting financial support from the International Monetary Fund. The announcement was made to tell everyone that El Salvador will keep supporting Bitcoin, which was started by President Bukele in 2021.
El Salvador’s Vice President says Bitcoin will be stable after the elections
A recent report from Reuters says that Bitcoin will be allowed as money in El Salvador during President Nayib Bukele’s second term, according to the vice president.
A few days before an election that Bukele is expected to win easily because of his tough stance on gangs, Felix Ulloa, who is taking a break from his job to run for re-election with Bukele, confirmed that El Salvador has officially accepted Bitcoin as a legal form of money.
The IMF asked El Salvador to think again about the policy while talking about a big loan. Ulloa said this shortly after.
Ulloa said the government won’t change its decision and the recent SEC declaration to allow bitcoin ETFs has made their commitment even stronger.
Ulloa told Reuters on Wednesday that the law will be kept. “Right now, it is very trusted all over the world. ”
Ulloa said that if Bukele and his New Ideas party win the election on Sunday, as most polls predict, the Salvadoran government will go ahead with its plans to sell bonds backed by bitcoin in early 2024.
He said that Bitcoin City, a place where people can use and invest in cryptocurrency without paying taxes, is being built by Bukele in the east of the country. People who give $1 million in cryptocurrency will get a passport.
Who is going to be the winner of the elections in El Salvador
He took away people’s rights. Led the effort to put a lot of people in jail. And many people criticized them for breaking the rules about treating people fairly. However, five years after becoming president for the first time, Nayib Bukele seems likely to win again in the upcoming general elections in El Salvador.
Even though some people are worried about the constitution, around 69. 9% of people in El Salvador are in favor of him running for president again. Before Bukele, the presidents of El Salvador only served one term.
Bukele says he is okay with the criticism he gets and calls himself “the coolest dictator in the world. ”
Many people are concerned about how long voters will continue to approve of Bukele’s tough leadership style, especially as more people are starting to suffer.
Under Bukele, El Salvador has one of the highest rates of people being put in jail, with around 2% of adults in prison.
The country used to have a very high rate of people being killed. In 2015, 105 out of every 100,000 people were murdered, which is a very high number. But Bukele says that his tough methods have helped lower the murder rate to 7. 8 per 100,000 people, the lowest in Central America.
Bukele becoming president changed how politics worked in El Salvador. Bukele was 37 when he ran for president. He was not part of any major political party and disagreed with both right-wing and left-wing parties.
He became the youngest president in Latin America five years ago. He kept his promise to change things that were already there.
Some of his actions were meant to boost El Salvador’s economy. For example, under Bukele, the country started using the digital money Bitcoin as legal currency.
Warning: This is not advice for trading.