El Salvador's Pro-Bitcoin President Nayib Bukele Seeks Re-Election Amid Controversy
Summary:
El Salvador's President, Nayib Bukele, a proponent of Bitcoin, has initiated his re-election campaign for the forthcoming 2024 elections. Despite controversies related to the nation's constitution and accusation of human rights breaches, Bukele's stance on technology and the decking crime rates boost his popularity. Bukele aims to continue his leadership to enhance the economy and create a tech-friendly environment akin to the "Singapore of the Americas." The election is due on February 4, 2024.
President of El Salvador, Nayib Bukele, known for his advocacy for Bitcoin, has initiated the process for seeking another term in the country's upcoming presidential elections scheduled for February 2024. His party officially endorsed his candidacy, and this move was met with overwhelming public support on October 26. "We require another five years to further elevate our nation," Bukele pronounced during a public address to thousands of his compatriots.
Bukele assumed leadership in 2019 under the banner of his party, Nueva (New) Ideas, ending the longstanding rule of the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front (FMNLB). Despite his favourable standing among locals, dissenters like Alfonso Fajardo, an El Salvadoran lawyer, argue that the country's constitution bars Bukele from pursuing a second successive term.
Nevertheless, the country's Supreme Court, in September 2021, decreed that incumbents can vie for back-to-back elections. As per a study by a local university cited by Reuters, New Ideas enjoys the backing of 70% of the voting population, whereas their closest rival secured merely 4% of total votes. An opponent party, FMNLB, filed a legal objection in June 2021 claiming that Bukele's Bitcoin acceptance project was unconstitutional. Regardless, Bukele and El Salvador affirmed Bitcoin as legal currency three months later in September 2021.
In an attempt to fortify the country's economy, the Bukele administration has introduced several tech-friendly policies like negating all taxes on technological improvements. Gabor Gurbacs, an advisor to VanEck strategy, suggested that El Salvador might emerge as the "Singapore of the Americas."
Much of Bukele's appeal stems from his firm measures against MS-13, an international gang that was a significant factor in El Salvador's record high homicide rates six years ago. Since then, the nation's homicide rate has experienced a sharp decline of 92.6% from a high of 106 per 100,000 inhabitants in 2015 to 7.8 in 2022, one of the lowest crime rates in Latin America. However, international organisations like the United Nations, along with other critics, contend that El Salvador breached human rights principles by detaining 65,000 individuals without giving them the opportunity to legally defend themselves. The country's presidential election will occur on February 4, 2024.
Published At
10/30/2023 2:36:39 AM
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