On September 15, the president of El Salvador, Nayib Bukele, announced his candidacy for re-election when his current term ends in 2024.
Bukele’s announcement comes despite the fact that previous presidents of El Salvador were prohibited from enacting laws to qualify for consecutive terms in office. The president highlighted that:
“The developed countries have re-election, and thanks to the new configuration of the democratic institution of our country, now El Salvador will also have it.”
In general, Bukele shows solid support, with a CID Gallup poll conducted last month revealing 85% approval of his presidency and 95% approval of his security management.
However, before the announcement, Salvadorans took to the streets to protest. Thousands of protesters spoke out against Bukele’s corruption and Bitcoin integration, among other issues considered unsavory during his presidency.
THE PEOPLE MARCHED AGAINST @nayibbukele TODAY #El15Marchamos
Thousands of people attended the march against Bukele’s corruption, for Bitcoin, for the innocent prisoners, for the lack of works, against the unconstitutional re-election, for the lies and deceptions. pic.twitter.com/FVPton9hXn
– Political Press (@PrensaPolitiSV) September 16, 2022
During his tenure, Bukele adopted Bitcoin as legal tender in the country in September 2021. The introduction of the largest cryptocurrency in the country recently turned one year old, after a year marked by constant price drops.
Despite having introduced Bitcoin-focused educational programs like “My First Bitcoin” and of be an example for neighboring countries like Colombia and Venezuela, the local population is not as fond of cryptocurrency as expected.
A national survey in February this year showed that 20% of the population actively used the Chivo Wallet app, the state-backed wallet, for Bitcoin transitions. However, more than double the number of downloads were motivated by the initial $30 gift.
Only 20% of business owners surveyed said they accepted cryptocurrency payments, most of which were large businesses rather than small businesses.
On the other hand, the adoption of Bitcoin as legal tender has introduced a new type of tourist in the country, despite the bear market. According to official figures, local tourism increased by 82.8% this year alone.
Critics continue to use the issue of the use and adoption of Bitcoin in El Salvador as a basis. Thousands of people may protest in the street against the policies surrounding digital currency. However, some continue to see it as a technological and financial breakthrough for a developing country like El Salvador.
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