|   Digital Currency


  |   Digital Currency


El Salvador's Pro-Bitcoin Leader Nayib Bukele Sworn in for Historic Second Term

El Salvador's President Nayib Bukele takes the oath for his second term, June 1, 2024.

Nayib Bukele, El Salvador's pro-Bitcoin president, was sworn in for a second five-year term, reinforcing his leadership and the country's commitment to cryptocurrency innovation.

Nayib Bukele Begins Second Term as El Salvador's Pro-Bitcoin President Amidst Crypto Community Support

In a recent report by Cointelegraph, El Salvador's pro-Bitcoin president, Nayib Bukele, was sworn in for a second five-year term in February following a landslide victory. His favorable posture on Bitcoin has generated considerable excitement in the cryptocurrency industry.

"Bukele is Proof of Work— Cheers to 5 more years. God bless El Salvador," crypto commentator Cory Bates declared in a June 1 X post.

"Exactly 5 years ago today, Nayib Bukele took the Oath of Office, becoming President of El Salvador. Ever since, the country has been a world leader – a beacon of freedom, safety, and innovation. The 1st Bitcoin President," crypto media guru Pete Rizzo added.

The inaugural ceremony was conducted at the National Palace in San Salvador on June 1. Bukele reiterated that a significant assault on gangs precipitated a substantial decline in national crime during his tenure as leader.

"In two years, we turned around a situation that had been unresolved for more than half a century, with more than 70,000 terrorists controlling the country, and who left more dead than the armed conflict," Bukele said.

Although his endeavors to combat crime received public support, his choice to implement Bitcoin as a legal tender also attracted endorsement from the international cryptocurrency community.

El Salvador became the first nation to recognize Bitcoin as legal tender in September 2021 after the proclamation of Bitcoin legislation. However, over 75% of Salvadorans expressed initial skepticism, according to a July 2021 Reuters poll.

Bukele's New Ideas Party Secures Dominant Legislative Majority; Argentina Eyes Similar Crypto Initiatives

According to a report by Cointelegraph on February 20, the New Ideas party had secured 54 of the 60 legislative seats, enabling Bukele to maintain his political leadership position in the nation.

The outcomes were determined by the nation's elections held on February 4. Bukele declared victory on February 5 before the official results were declared, implying that the New Ideas party had secured 58 seats rather than the originally estimated 54.

Recent reports have suggested that Argentina may implement Bitcoin and other cryptocurrency initiatives like El Salvador's.

Cointelegraph reported on May 27 that the National Securities Commission (CNV), the securities regulator of Argentina, and the National Commission of Digital Assets (CNAD), the regulator of El Salvador, met to discuss the adoption and regulation of cryptocurrencies in the two countries.

Photo: Microsoft Bing

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.