El Salvador President’s Unwavering Bitcoin Strategy Amid Elections

Vice President Felix Ulloa of El Salvador is confident that the country will continue to embrace Bitcoin if his party is reelected in the upcoming general elections. Ulloa, who is temporarily on leave to campaign with President Nayib Bukele, has reaffirmed El Salvador’s commitment to Bitcoin as legal tender. The International Monetary Fund (IMF) has apparently urged El Salvador to reconsider its Bitcoin policies during loan negotiations, but Ulloa stated that the government has no intention of reversing its decision. Ulloa also mentioned plans to build a tax-free Bitcoin City and issue passports to investors who contribute $1 million in BTC. The general elections, scheduled for February 4, 2024, will determine the president, vice president, and all 60 deputies of the Legislative Assembly. Bukele is expected to win a second term, despite some criticism, with nearly 70% of voters reportedly supporting his reelection bid. By establishing Bitcoin as legal tender in September 2021, El Salvador became the first country to do so, eliciting backlash from global financial regulators. A survey showed that 70% of Salvadorans were not in favor of accepting Bitcoin as legal tender. In January 2022, Bitfinex Securities, a tokenized securities trading platform, officially launched in El Salvador. According to Jesse Knutson, the head of operations at Bitfinex Securities, Bitcoin-driven investment and tourism have contributed to El Salvador’s strong financial performance compared to its regional peers.