The reason for the decision was the desire to participate as a candidate in the election campaign for the presidential elections, the results of which will be known in February 2024.
According to the country’s constitution, El Salvador’s President Nayib Bukele asked permission from the Legislative Assembly and left office on six months’ leave. This is how long it will take until the inauguration of the new president.
Speaking to members of the Legislative Assembly, Bukele said that he still believes that the government of El Salvador made the right decision to make Bitcoin legal tender and created the Bitcoin City center, powered by geothermal energy from a volcano.
“The people of El Salvador must decide whether they will continue to build a new El Salvador or whether they want to go back to the past. Despite negative assessments from the World Bank and the International Monetary Fund, citizens of the country can now pay with Bitcoin almost everywhere,” Bukele declared.
One of the main financial strategies of the Bukele government was public investment in bitcoins, which represents the daily purchase of one BTC. Nayib Bukele believes that after the recent rise in the BTC rate, the country’s investments in the first cryptocurrency by capitalization have become profitable.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
