El Salvador to advance pro-Bitcoin agenda following Bukele’s win

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El Salvador is set to strengthen its support for Bitcoin following a landslide re-election victory for Nayib Bukele today. The Salvadoran leader, known for his pro-cryptocurrency stance, seemingly secured a second term with a massive vote share, according to data from CID Gallup.

Nayib Biukele es reelegido como presidente en El Salvador (CID Gallup – Boca de Urna) #EleccionesElSalvador2024 #cidgallup #bocadeurna pic.twitter.com/27LNpVknqj

— CID Gallup (@cidgallup) February 5, 2024

Bukele claimed his victory in an X post soon after the presidential polls closed on Sunday, though no official announcement was made at the time of his declaration.

“According to our numbers, we have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies in the Assembly,” Bukele stated.

As long as there is no dramatic change in official results, Bukele’s administration will continue for another five years, and there may be further regulatory developments surrounding Bitcoin.

In an interview with Reuters last Wednesday, Vice President Felix Ulloa confirmed El Salvador’s commitment to its Bitcoin policy. Despite the International Monetary Fund’s recent appeal to revoke Bitcoin’s status as legal tender, Ulloa expressed that the government remains steadfast in its approach. He suggested that the green light for US spot Bitcoin exchange-traded funds (ETFs) has only fortified this resolve.

Since assuming office in 2019, President Bukele has taken bold steps to redefine El Salvador’s economy. His administration’s most conspicuous move was granting Bitcoin legal tender status in 2021.

Under Bukele’s leadership, El Salvador has expanded Bitcoin endeavors with several initiatives, including the launch of the Chivo cryptocurrency wallet, the deployment of Bitcoin ATMs, and ambitious plans for a ‘Bitcoin city’ powered by geothermal energy harvested from the country’s volcanoes.

In line with these initiatives, Bukele’s government recently announced its partnership with Tether to introduce the ‘El Salvador Freedom Visa Program.’ This program allows individuals to obtain Salvadoran citizenship by investing $1 million in USDT or BTC. 

Besides its crypto-friendly policies, Bukele’s administration has also been distinguished by its stringent anti-crime efforts.

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