Bukele, who has been pushing for the adoption of Bitcoin in El Salvador, announced that he will run again; although it could be a violation of the national constitution.
- Bukele will seek re-election in El Salvador.
- Immediate re-election was prohibited by law.
- The president has pushed for Bitcoin adoption.
The president of El Salvador and enthusiast of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Nayib Bukele, has announced that he plans to run again for president in 2024. The president made the announcement Thursday night during an event commemorating the 201st anniversary of the Central American country’s independence.
After talking it over with my wife Gabriela and my family, I announce to the Salvadoran people that I have decided to run for President of the Republic.
– Presidential House ???????? (@PresidenciaSV) September 16, 2022
Bukele, who led the efforts to convert Bitcoin in legal tender last year, will seek the nomination despite a long-standing prohibition in the Constitution that prevents a president from serving two consecutive terms.
The possibility of re-election, however, arises from a ruling by the Constitutional Chamber of the Supreme Court of Justice, which in May 2021 established that the decision as to whether or not a president remains in office rests with the voters.
Specifically, the ruling pointed out that the prohibition of immediate reelection contemplated in the Magna Carta was for a ruler who had been in power for 10 years, as the newspaper noted. El País . Until then, according to Article 152 of the Constitution, presidents who had been in power for five years (as will be the case for Bukele in 2024) could not renew for an immediate term.
Following the ruling, the Supreme Electoral Tribunal (TSE) announced that it would comply with the Constitutional Chamber’s order on the sole condition that the president resign six months before the end of his term. It should be noted, as highlighted by CNN The Constitutional Chamber was elected by the Legislative Assembly, which has a pro-government majority. Meanwhile, some described the ruling as unconstitutional and anti-democratic.
“ The people have the opportunity in free elections to decide “Bukele said in his speech from the Presidential House on Thursday, which prompted applause from those who accompanied him.
Bukele, a pro-Bitcoin president
Elected three years ago, Bukele spearheaded the move for El Salvador to recognize the Bitcoin as its legal tender in September 2021, making it the first country in the world to do so. In addition to pushing for the adoption of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. in the nation, the president has also been adding bitcoins to national reserves.
Bukele has made the purchase announcements through his account. Twitter and it is estimated that, from September last year to the middle of this year, it had added some 2,301 bitcoins to the Salvadoran reserve. However, those funds have depreciated relative to the dollar as the cryptomarket has plummeted this year.
In June, when Bitcoin was around USD $20,000, CoinDesk estimated that El Salvador’s investment was 55.03% below its initial bet. When the investment strategy began last year, the flagship cryptocurrency was trading above USD $50,000, however, since then, the asset has retreated more than 50%.
In general, the president has maintained high approval ratings, although it has also faced numerous criticisms, largely due to its pro-government strategy. Bitcoin which some have pointed out has not been handled with transparency. Bukele has put forward other crypto-focused strategies, including plans to build a tax haven called Bitcoin City .
Bukele’s re-election announcement came just a few hours after the Fitch Ratings rebajara El Salvador’s long-term foreign currency currency is a medium of exchange that defines value. issuer default rating. As reported by CoinDesk the rating agency said the country is likely to default on its January debt payment because it has limited access to the market an area or arena, online or offline, in which commercial dealings are conducted. to raise the necessary funds, in part due to its adoption of Bitcoin .
Article by Hannah Estefania Perez / DiarioBitcoin
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