Bitcoin Will Remain A Legal Payment Tool During Nayib Bukele's Term Of Office

JAKARTA - El Salvador Vice President Felix Ulloa said that Bitcoin will remain legal tender in El Salvador, during President Nayib Bukele's second term.

This statement came after previously the International Monetary Fund (IMF) asked the government of El Salvador to bring down bitcoin as a legal tender, citing risks to state financial stability and consumer protection.

However, Ulloa insists that the government has no intention of reverseing its decision. Moreover, the recently carried out SEC's approval of the Bitcoin Spot ETF adds to their determination to make El Salvador the City of Bitcoin.

A few days before the election, based on a poll conducted by the region, Nayib Bukele is predicted to win the election again easily thanks to his policies that have succeeded in eradicating bad gangs there.

Meanwhile, Ullua also decided to take temporary leave from his post to prepare to re-nominate in the re-election with Bukele.

If Bukele and his party succeed in sweeping elections on Sunday, the government of El Salvador will continue with their plans to launch bitcoin-backed bonds during the first quarter of 2024, Ulloa said.

On December 1, Bukele resigned as president of El Salvador after obtaining approval from the country's Legislative Assembly, allowing him to take time off to focus on his 2024 re-nomination campaign.

In addition, Ulloa said that the construction of Bitcoin City, the tax-free crypto paradise proposed by Bukele in east of the country, and the issuance of passports to investors contributing the equivalent of $1 million in cryptocurrencies will also be continued.

In September 2021, El Salvador became the first country in the world to designate bitcoin as legal tender, making it get harsh criticism.