- Vice President Felix Ulloa has confirmed El Salvador’s ongoing commitment to Bitcoin ahead of the upcoming elections, stating the country has no plans to reverse its decision to make Bitcoin legal tender.
- El Salvador will move forward with plans to build a tax-free Bitcoin City and issue Bitcoin passports to investors, even as the IMF pressures the government to reconsider its crypto policies.
- Current president Nayib Bukele is expected to win reelection in the February elections with around 70% support. The elections will serve as a referendum on El Salvador’s Bitcoin experiment, which has seen early criticism but remains firmly embraced by the administration.
El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender. As the nation heads into general elections on February 4, 2024, the future of Bitcoin and crypto remains bright despite initial criticism.
Vice President Confirms Ongoing Bitcoin Commitment
Vice President Felix Ulloa has reaffirmed the country’s commitment to Bitcoin in the lead-up to the elections according to Reuters. Ulloa emphasized that El Salvador has no intention of reversing the decision to make Bitcoin legal tender, even as the IMF continues to pressure the government to reconsider its crypto policies.
Construction of Bitcoin City and Bitcoin Passports to Continue
Ulloa also confirmed that El Salvador will move forward with plans to build a tax-free Bitcoin City and issue Bitcoin passports to investors. The launch of Bitcoin spot ETFs in the U.S. has only added enthusiasm. “Not only will the law be maintained at this moment, it enjoys the greatest credibility in the entire world,” said Ulloa.
President Bukele Expected to Win Reelection
Current president Nayib Bukele is on track to win a second five-year term. Recent polls show Bukele has the support of around 70% of voters. The elections will determine the president, vice president, and all 60 deputies of the Legislative Assembly.
Initial Public Skepticism and Criticism
The decision to adopt Bitcoin was met with skepticism by 70% of Salvadorans initially. Global financial regulators also heavily criticized the move. However, Bukele’s administration remains unwavering in their crypto ambitions. The upcoming elections will be a referendum on the Bitcoin experiment.
Conclusion
Despite early criticism, El Salvador continues to embrace Bitcoin and its potential to boost financial inclusion. The general elections will likely see the re-election of the pro-Bitcoin Bukele administration. El Salvador’s status as “Bitcoin Nation” seems firmly established going into the future.
