Bitcoin Advocate El Salvador President Steps Down Ahead of Re-Election Campaign

Nayib Bukele stepped down from his position as president of the nation ahead of the re-election process. Claudia Rodriguez de Guevara is currently serving as acting president as the first lady elected official to lead the country.

She assumed the office on 1st December and will continue to perform her duties till June 2024. Bukele’s reign made international headlines as the head of state added Bitcoin as a legal tender in the legislature of the country. He also shared many plans to expand Bitcoin infrastructure in the nation during his term.

As per local reports, Bukele resigned as President following approval from the Salvadorian Legislative Assembly. On this account, he has availed leave of absence to work on the 2024 re-election campaign. Meanwhile, the next general election of the state will take place in February 2024.

However, Hector Silva has shared some strong reservations regarding the political transition. He raised questions regarding the democratic operations of the nation claiming that at present the nation is headed by a person that no one has voted for. Silva is running for mayor of San Salvador.

Bukele’s Bitcoin Policies and Administrative Reforms

Bukele was elected as President in 2019. He introduced legal reforms to discourage homicide incidents in the country, which was estimated as one of the highest. On the other hand, he amassed international acclaim on account of his crypto-forward policies. He also played an important role in advocating Bitcoin adoption as a legal tender.

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At the same time, he introduced policies to improve national revenue via projects such as Bitcoin City. On one hand, homicide rates in the state have decreased considerably during his reign but on the other side, his tenure was not free from criticism.

Some reviews suggest that the nation continued to violate human rights to intercept gang activities. On this account, a report issued by the United Nations Human Rights Office claimed that government used tactics such as mass detentions since 2022.

The human rights watchdog revealed that during these mass detentions many people faced mistreatment with reports of recorded deaths during custody. Bukele served his term for five-years.

However, before 2021 the constitution of the nation required the president to wait for 10 years before reelection. This policy was amended recently based on a Supreme Court ruling that the president was allowed to serve two consecutive terms.

Bitcoin Adoption in Argentina

Javier Milei, the newly elected president of Argentina, has brought positivity to Bitcoin investors in the region. Milei advocated Bitcoin-friendly policies during his election campaign. He received 55% electoral votes.

Bitcoin analyst Fernando Nikolic told the media that the President has talked positively about Bitcoin during interviews. He pointed out that his pro-Bitcoin stance was not part of the official program. Ivan Paz, CEO of Trading Different has a positive overview of the elected official.

He opines that the free market policies of the Milei will improve the declining economic development of the region. Paz further noted that Argentina can start making economic recovery based on prospective local and foreign investment participation.

The now elected President has talked about introducing policies to secure the economic position of the nation. He has talked about halting additional money printing and nominating USD as legal tender in place of pesos etc.

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