El Salvador President to Maintain Bitcoin Strategy After Re-election
The first cryptocurrency will remain legal tender in El Salvador during President Nayib Bukele's second term. This was stated by Deputy Head of State Felix Ulloa in an interview with Reuters.
According to the vice president, the decision was made contrary to the demand of the International Monetary Fund (IMF) for a “review” of monetary policy. Then the organization became concerned about El Salvador’s plans to issue Bitcoin bonds worth $1 billion and refused to issue a corresponding loan.
Ulloa emphasized that the emergence of spot ETFs based on digital gold in the United States only strengthens the current government’s resolve regarding cryptocurrencies.
“Not only will [the law] be preserved. He is the most trusted person in the entire world at the moment,” he added.
After winning the presidential election, as most polls indicate, Bukele and his New Ideas party intend to move ahead with plans to issue Bitcoin-backed bonds and build a tax-free Bitcoin City.
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