Salvadoran President’s Bitcoin Strategy ‘Undisturbed’ During Election

As El Salvador prepares for its general election, Vice President Felix Ulloa has expressed his belief that the country will continue its commitment to Bitcoin (BTC) if his party is re-elected.

Ulloa, who is provisionally cleared to run for re-election alongside President Naib Bukele, doubled El Salvador's Bitcoin legal tender following the upcoming election, Reuters reported on February 1.

According to Ulloa, the International Monetary Fund (IMF) has approached El Salvador to “reconsider” Bitcoin policies during negotiations to obtain a $1.3-billion loan.

The official said that the government of El Salvador has no intention of reversing its decision, adding that the launch of a bitcoin exchange-traded fund (ETF) in the United States in early January 2024 has made it even more exciting.

“The law is not only expected, but now, it has great credibility around the world,” Ulloa said. He also mentioned that the construction of El Salvador's tax-free bitcoin city and the issuing of passports to investors who contribute around $1 million in BTC will also go ahead.

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El Salvador's general election, scheduled for February 4, 2024, will elect the president, vice president and all 60 representatives of the Legislative Council.

Despite some criticism, El Salvador's Buccele appears on track to win a second five-year term in the upcoming election, with an estimated 69.9% of voters said to have approved his re-election bid. Before Buckele, presidents in El Salvador were limited to one term.

In September 2021, El Salvador became the first country in the world to establish bitcoin as legal tender, sparking strong criticism from international financial regulators. The decision came despite the fact that 70% of Salvadorans refused to accept legal tender in the country, according to a survey by the Center for Public Opinion at the University of Central America.

The news comes amid the announcement of Bitfinex Securities, a tokenized security trading platform on the Bitfinex exchange, on January 31 in El Salvador.

According to Bitfinex Securities Chief Operating Officer Jesse Knutson, El Salvador's financial performance since 2021 has exceeded regional peers and expectations, “supported in part by Bitcoin-led investment and tourism to El Salvador.”

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