The President of El Salvador, Nayib Bukele, a supporter of Bitcoin, has been sworn in for a second term.
Starting a new five-year period, Bukele has received the support of the cryptocurrency industry for his leadership, which is positioning the country as a “world leader”. Let’s see all the details below.
Summary
El Salvador continues the Bitcoin revolution: President Bukele is re-elected
As anticipated, the president of El Salvador, Nayib Bukele, a supporter of Bitcoin (BTC), has been sworn in for a second term presidential of five years, after a landslide victory in February.
This event has generated great enthusiasm in the cryptocurrency sector, thanks to its favorable position towards Bitcoin. The crypto commentator Cory Bates in a post on June 1st stated:
“It is the demonstration of his commitment: best wishes for another five years. God bless El Salvador.”
Also Pete Rizzo, an expert in crypto media, commented:
“Exactly five years ago, Nayib Bukele became President of El Salvador. Since then, the country has become a world leader, a symbol of freedom, security, and innovation. The first Bitcoin president.”
The inauguration ceremony took place on June 1st at the National Palace of San Salvador, where Bukele highlighted the significant drop in crime during his term, attributing the credit to the tough crackdown on criminal gangs:
“In two years, we resolved a situation that had remained unresolved for over half a century, with more than 70,000 terrorists controlling the country and causing more victims than the armed conflict.”
In addition to the support of the citizens for his efforts in the fight against crime, Bukele has also gained the support of the global cryptocurrency industry for the decision to adopt Bitcoin as legal tender.
In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, following the approval of the Bitcoin law. However, initially, more than three-quarters of Salvadorans were skeptical, according to a Reuters survey from July 2021.
The majority of Bukele’s party consolidates power in El Salvador
According to the February data, the Nuove Idee party obtained 54 of the 60 seats in the legislature, giving Nayib Bukele the political power necessary to continue leading the country.
The results come from the elections of February 4. On February 5, Bukele claimed victory before the official announcement, asserting that the Nuevas Ideas party had obtained 58 seats instead of 54.
Recently, reports have emerged suggesting that Argentina might follow El Salvador’s example in adopting Bitcoin and other plans related to cryptocurrencies.
Not by chance, the Argentine securities regulatory authority, the National Securities Commission (CNV), met with the National Digital Resources Commission (CNAD) of El Salvador to discuss the adoption and regulation of cryptocurrencies in the two countries.
During the meeting on May 23, the president of the CNV Roberto Silva, the vice president of the CNV Patricia Boedo, and the president of the CNAD Juan Carlos Reyes discussed El Salvador’s experience with Bitcoin.
The officials shared approaches and concepts on the use of cryptocurrencies in global economies, focusing in particular on the case of Bitcoin in El Salvador.
Silva highlighted that El Salvador has not only emerged as a leader in the adoption of Bitcoin, but has also excelled in the broader cryptocurrency sector.
He also emphasized the importance of the insights from the CNAD, which supervises and regulates the digital asset market in El Salvador, stating the following:
“We want to strengthen ties with the Republic of El Salvador and, therefore, we will explore the possibility of signing collaboration agreements with them.”
The vice president of the CNV Boedo, who in March visited El Salvador to participate in meetings on market development, emphasized the crucial role of El Salvador’s experience in the cryptocurrency sector.
On the other hand, Reyes, an official from El Salvador, added:
“Argentina is a pioneer in technology and the National Securities Commission wants to work with the industry efficiently to create appropriate regulation.”
