President of El Salvador to Keep Bitcoin Strategy after Re-election

The first cryptocurrency will remain legal tender in El Salvador during the second presidential term of Nayib Bukele. This was stated by Deputy Head of State Felix Ulloa in an interview with Reuters.

President of El Salvador to Keep Bitcoin Strategy after Re-election

According to the vice president, the decision was made contrary to the demand of the International Monetary Fund (IMF) for a "revision" of monetary policy. Then the organization became concerned about El Salvador's plans to issue bitcoin bonds worth $ 1 billion and refused to issue a corresponding loan.

Ulloa stressed that the emergence of spot ETFs based on digital gold in the United States only strengthens the determination of the current government regarding cryptocurrencies.

After winning the presidential election, as indicated by most polls, Bukele and his New Ideas party intend to continue implementing plans to issue bitcoin-backed bonds and build a tax-free Bitcoin City.

Ulloa also expressed the hope that obstacles to access to IMF financing will be eliminated against the background of a reduction in public debt.

Basically, the current head of state is supported not for his cryptocurrency policy, but for the fight against crime. According to the news agency, during his four years in power, Bukele turned El Salvador from a country with almost the highest crime rate in Central America into a state with the lowest number of murders in the region.

Source: Forklog

Read More