President Of El Salvador, Believer In Bitcoin, Wants Re-Election

El Salvador’s president Nayib Bukele, who made bitcoin legal tender in the country last September, said he plans to run for another five-year presidential term in 2024.

Nayib Bukele, the president of El Salvador, announced to a gathering on the eve of the nation’s Independence Day that he intends to compete for president again in 2024, despite the fact that the country’s constitution has long prohibited candidates from holding office for two consecutive terms.

Bukele was the driving force behind El Salvador’s contentious decision to become the first nation in the world to accept bitcoin as legal cash on September 7, 2021. He has also talked about his plans to establish Bitcoin City, a tax haven, in a distant area.

Although the president continues to enjoy high approval ratings, he has come under fire for his lack of openness and the effect that his bitcoin buying plan has had on the nation’s financial situation. El Salvador faces significant paper losses after a year of buying bitcoin.

The constitution of El Salvador forbids presidential candidates from running for two consecutive five-year terms. However, El Salvador’s newly redesigned highest court decided that candidates could, after all, win a second term just days before the country made bitcoin legal tender last year.

The judgement was criticized by the US government, which said that it “undermines democracy” and was the “direct outcome” of a legislative decision to remove justices in favor of those who backed Bukele’s administration.

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