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El Salvador plans to continue using Bitcoin after the country's elections

Regulation: El Salvador plans to continue using Bitcoin after the country's elections

El Salvador remains steadfast in its commitment to Bitcoin as a legal tender, according to Vice President Felix Ulloa, as reported by Reuters.

When asked about the potential change in direction after the #elections, Ulloa assured that the law legalizing Bitcoin would be upheld. He emphasized that the support for this law extends beyond the country's borders, gaining recognition worldwide.

The upcoming elections, scheduled to begin on February 4, 2024, have multiple candidates vying for the presidency. Among them are the incumbent President Nayib Bukele, Joel Sanchez from the right-wing party ARENA, and Manuel Flores from the socialist party FMLN.

Ulloa further stated that if Nayib Bukele and his party Nuevas Ideas emerge victorious, El Salvador will continue its efforts in issuing bitcoin-backed bonds. This initiative was approved by the National Commission on Digital Assets in December 2023, with plans for issuance in the first quarter of 2024.

The recent decision by the #SEC to approve spot #bitcoin-ETFs has bolstered the ruling party's position on crypto-assets, as per Ulloa.

The regulator's announcement on January 10, 2024, coincided with a surge in the asset's exchange rate, resulting in significant unrealized gains for El Salvador's portfolio. These gains amounted to $15.4 million, further solidifying Bukele's position.

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