El Salvador VP Upholds Bitcoin Commitment Ahead of General Elections
Summary:
As El Salvador is due to hold general elections, Vice President Felix Ulloa reassures that if win, his party will remain committed to Bitcoin, despite pressure from IMF. This assertion by Ulloa comes as the cryptocurrency is increasingly being embraced worldwide, with developments such as the launch of ETFs in the U.S. The VP also reinforced ongoing plans for Bitcoin City and the issuance of passports to BTC investors. Amidst disapproval from some quarters, incumbent president Nayib Bukele is anticipated to be reelected. Interestingly, El Salvador's financial performance has reportedly improved since the introduction of Bitcoin.
With El Salvador's general elections looming, Vice President Felix Ulloa has reaffirmed that the nation will uphold its stance on Bitcoin (BTC) should his party return to power. Ulloa, currently on a break to participate in his own campaign alongside President Nayib Bukele, has reiterated El Salvador's commitment to recognizing Bitcoin as legal currency after the elections, according to a Reuters report on February 1st.
Ulloa disclosed that the International Monetary Fund (IMF) has once more pleaded with El Salvador to reassess its stance on Bitcoin amid discussions about a $1.3 billion loan. Despite this, the Salvadoran government remains steadfast in its decision, buoyed by the initiation of spot Bitcoin exchange-traded funds (ETF) in the United States in early January 2024.
Ulloa was quoted as saying, “Not only will the law be upheld, but at present, it commands the utmost confidence worldwide.” He also declared that plans to build El Salvador’s tax-exempt Bitcoin City and issue passports to investors offering $1 million in BTC equivalent were still on track.
Relatedly, Donald Trump has pledged to staunchly prohibit the creation of a Central Bank Digital Currency (CBDC) in the United States.
Peering into the future, on February 4, 2024, El Salvador’s general elections will choose the president, vice president, and all 60 deputies of the Legislative Assembly. Challenged with some disapproving voices, current leader Nayib Bukele seems set for a second stint in office, enjoying an estimated approval rate of 69.9% for a renewed term. The trend breaks the single term tradition upheld by previous Salvadoran presidents.
As of September 2021, El Salvador holds the distinction of being the first nation to legalize Bitcoin, a move that drew the ire of global monetary authorities. This radical step was taken in spite of reported resistance from 70% of Salvadorans unwilling to accept the digital currency, based on a survey by the Central American University’s Institute of Public Opinion.
Recently, Bitfinex Securities, Bitfinex exchange’s tokenized securities trading platform, announced its formal launch in El Salvador on January 31st. According to Jesse Knutson, who leads operations at Bitfinex Securities, El Salvador’s economic performance has outperformed regional counterparts and exceeded expectations since 2021. This has been credited to the surge in Bitcoin-related investment and tourism in the country.
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Published At
2/1/2024 4:52:34 PM
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