Bitcoin-friendly president Nayib Bukele on an early election victory in El Salvador

February 05, 2024 09:45 PM AEDT | By Invezz

Bitcoin-friendly president Nayib Bukele on an early election victory in El Salvador — Image source: Invezz

Win cements pro-crypto policies in El Salvador

Bukele’s win will be celebrated among crypto enthusiasts keen on his favourable policies in the sector. In 2021, the country became the first in the world to adopt Bitcoin as legal tender.

El Salvador also introduced the Chivo crypto wallet to encourage Bitcoin adoption. Bukele engaged in a series of Bitcoin purchases, with the president claiming they are part of a long-term strategy and wasn’t willing to sell the digital asset.

However, El Salvador’s bold move to legalise Bitcoin was highly criticised by financial watchdogs, including the International Monetary Fund (IMF). The institutions warned of the risks cryptocurrencies posed to financial stability.

It now remains to be seen on El Salvador’s new chapter in crypto as Bukele earns a deserved re-election in the eyes of the citizens. The inevitable discussions are whether his pro-crypto stance will be reflected in more global pursuits of decentralised finance at a time when countries seek to free themselves from dollar domination.

The post Bitcoin-friendly president Nayib Bukele on an early election victory in El Salvador appeared first on Invezz

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