Salvadoran pro-bitcoin president Nayib Bukele announces re-election bid

Salvadoran pro-bitcoin president Nayib Bukele announces re-election bid

On September 15, during a live event to commemorate Independence Day, El Salvador’s President Nayib Bukele announced his candidacy for re-election after his current term expires in 2024.

Bukele’s announcement comes even as the law prohibits former presidents of El Salvador from serving consecutive terms. The President made this known:

“Developed countries allow re-election. Thanks to the new configuration of our country’s democratic institution, El Salvador will also be able to authorize it. »

Overall, Bukele has strong signs of support, as a CID Gallup poll last month found an 85% approval rating for his presidency and 95% for his security governance.

However, after this announcement, Salvadorans took to the streets to protest. Thousands of demonstrators protested against Bukele’s corruption and the integration of bitcoin, among other topics considered unseemly during his presidency.

MARK THE PEOPLE AGAINST @nayibbukele TODAY #El15Marchamos. Thousands of people demonstrated against Bukele’s corruption, for bitcoin, for innocent prisoners, for lack of jobs and against unconstitutional re-election, for lies and deception. — Prensa Política (@PrensaPolitiSV) September 16, 2022.

During his presidency, Bukele introduced bitcoin as a legal tender in the country in September 2021. The introduction of the largest cryptocurrency in the country recently celebrated its first anniversary, after a year of constant price reductions.

Despite the introduction of educational programs focused on bitcoin, such as “Mi Primera Bitcoin” – my first bitcoin – and the fact that the country serves as an example for neighboring countries such as Colombia and Venezuela, the local population is not so enthusiastic. about cryptocurrency as expected.

Also read: El Salvador suffered ‘no losses’ from bitcoin price drop, says finance minister

A national survey conducted in February of this year showed that 20% of the population actively used the Chivo Wallet, Salvadorans’ favorite cryptocurrency wallet, for bitcoin transfers. In other words, more than double the number of people who downloaded the initial $30 free gift.

Only 20% of business owners surveyed said they accept cryptocurrency payments. Most companies that do this are large corporations rather than small businesses.

On the other hand, the acceptance of bitcoin as legal tender has introduced a new type of crypto-tourism in the country, despite the bearish market. According to official figures, local tourism has increased by 82.8% this year alone.

Critics continue to rage on the subject of El Salvador’s use and acceptance of Bitcoin. Thousands of people are protesting in the streets against the policies related to digital currency. However, some see it as a technological and financial breakthrough for a developing country like El Salvador.

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