Home Business Bitcoin President El Salvador Resigns, But Not the Reason You Think

Bitcoin President El Salvador Resigns, But Not the Reason You Think

Bitcoin-president El Salvador treedt af, maar niet waarom je denkt

The president of El Salvador, or the first president to make Bitcoin (BTC) legal tender, has resigned from office. The Bitcoin advocate made history by launching Bitcoin in his Central American country in 2021 and is looking to make further moves in the groundbreaking policy starting next year. That’s why he’s now passing the baton to someone else.

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New election campaign in “Bitcoin Land”

This concerns Nayib Bukele, who is now a well-known name in the Bitcoin community. On December 1, the Central American country’s 46th president resigned after approval by the country’s legislative assembly. Bukele was actually at the helm of El Salvador until June 1st, but is now taking an early leave of absence. He wants to concentrate fully on his re-election campaign.

Bukele was succeeded by incumbent President Claudia Rodríguez de Guevara.

Bukele took office as President of El Salvador on June 1, 2019. He quickly became known for his efforts to reduce the murder rate in El Salvador – one of the highest in the world at the time – and later, of course, for his Bitcoin policies. He advocated for the Salvadoran government to adopt Bitcoin as legal tender in September 2021 and pushed for the creation of a volcano-powered “Bitcoin City” in the country.

The term of office of the President of El Salvador is five years. Before September 2021, the country’s constitution required presidents to wait 10 years before running for re-election. However, the country’s Supreme Court then ruled that a president can serve two consecutive terms.

BTC for president again?

The next elections are scheduled for February next year. The new president will then take office on June 1st.

Bukele enjoys enormous popularity, largely due to the large-scale crackdown on violent gangs, which has significantly reduced the number of murders. To date, more than 75,000 suspected gang members have been arrested. In contrast, the strategy has raised allegations of human rights violations.

An opinion poll conducted in August suggested Bukele could easily win the next election. He received 68.4 percent of the vote.

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