- Nayib Bukel announced that he will seek for re-election for another 5 year term.
- “The country is on the right path,” Bukele said.
- Despite the legislation and other efforts, BTC was not embraced by the Salvadorians.
El Salvador’s President and crypto enthusiast Nayib Bukele announced on Independence day that he will seek re-election for another 5-year term. The announcement came after a year since his allies in the Legislative Assembly appointed new justices to the Constitutional Chamber of the Supreme Court.
The newly appointed justices ordered the Supreme Electoral Court to allow consecutive re-election despite the country’s constitutional ban. This made the Constitutional Lawyers raise their voices. They said that re-election violates at least 4 articles of the constitution including the law that restricts a president who has served 5 years to function not even a day more than his term.
Furthermore, during his speech after touting his party’s win in congress control, Bukele said that the country was on the right path now. He said these words to capitalize on the move which replaced Supreme Court justices and the attorney general.
It’s been just a little over a year since El-Salvador embraced BTC as a legal tender despite the International Monetary Fund (IMF) urging El-Salvador to reverse the decision made by Bukele.
According to the 2021 legislation which states every economic agent must accept Bitcoin as payment when offered to him by whoever acquires a good or service, Bukele wanted everyone to adopt BTC irrespective of their preference.
Subsequently, the Salvadoran government created an app called “Chivo Wallet” preloaded with US$30 as a bonus to trade bitcoins for dollars without transaction fees to quicken the BTC intake into Salvadorians.
In spite of all these efforts to get BTC up and running among Salvadorians, a nationally representative survey of 1,800 Salvadoran households in February indicated that just 20% of the population was using Chivo Wallet for Bitcoin transactions.
Although more than twice the amount downloaded this app, it was only to claim the US $30 which was preloaded to the wallet.
According to The Conversation, a research-based news publisher, the Bukele government has spent more than US $100 million on buying BTC which are at present worth just about US$ 50 million.
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