El Salvador's Post-Election Bitcoin Adoption Set to Expand

Source: Photo by Kanchanara on Unsplash

As the upcoming elections loom over El Salvador this weekend, Nayib Bukele is predicted to emerge victorious through polls. If Bukele secures his reelection as president, the country's commitment to adopting Bitcoin is expected to persist.

In a recent interview with Reuters, El Salvador's Vice President, Felix Ulloa, affirmed that Bitcoin would continue to hold its status as a legitimate currency. Despite objections from the IMF, the Salvadoran government has no intentions of reversing its decision.

Ulloa further emphasized that the recent announcement from the U.S. Securities and Exchange Commission (SEC), permitting U.S.-listed exchange-traded funds (ETFs) to track Bitcoin, has fortified their resolve.

"Not only will the law be upheld, but at present, it boasts the highest credibility worldwide," he stated.

Bitcoin Adoption in El Salvador

source: Photo by André François McKenzie on Unsplash

Under Bukele's leadership, El Salvador recognized Bitcoin as legal tender in September 2021.
The government also plans to issue bonds backed by Bitcoin, a previously delayed initiative now reaffirmed by Vice President Félix Ulloa. This underscores a steadfast commitment to integrating cryptocurrency into the country's economic framework.

Additionally, El Salvador has become a global hub for cryptocurrencies by establishing Bitcoin City, powered by geothermal energy from volcanoes.

Recently, the Central American nation introduced a visa program offering passports and residency to foreigners investing $1 million in Bitcoin or Tether in the country. This move signals a progressive approach to attract international investment through cryptocurrency.

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