Nayib Bukele Resigns Amid Bitcoin Legal Tender Legacy

Nayib Bukele Resigns Amid Bitcoin Legal Tender Legacy

Nayib Bukele Resigns Amid Bitcoin Legal Tender Legacy

To campaign, El Salvadoran President Nayib Bukele, who supported legislation that recognized Bitcoin (BTC) as legal tender, has resigned from office.

Following approval from the Legislative Assembly of El Salvador, Bukele tendered his resignation as president on December 1.

This authorization enabled him to utilize a leave of absence to concentrate on his re-election campaign in 2024.

Claudia Rodríguez de Guevara became acting president, a position she is projected to maintain until June 2024. The subsequent general election is scheduled for February 2024.

“As of now, the condition of democracy in El Salvador is such that the President of the Republic will be an unelected individual,” Héctor Silva, a candidate for the mayor’s office of San Salvador, stated on X.

Bukele, who assumed office in June 2019, swiftly gained recognition for his endeavors to mitigate El Salvador’s homicide rate, which was among the highest globally, alongside his policies supporting cryptocurrencies.

He advocated for the September 2021 legalization of Bitcoin by the government of El Salvador and pressed for the development of a “Bitcoin City” powered by a volcano in the country.

Despite the substantial decline in the homicide rate during Bukele’s administration, numerous critics have alleged that El Salvador has contravened human rights legislation in its endeavors to suppress gang activity.

A March report by the United Nations Human Rights Office stated that since 2022, the nation had engaged in “mass detentions,” in which a significant number of individuals were mistreated or perished while in captivity.

El Salvador’s president is elected for a term of five years. Before September 2021, presidents were mandated by the country’s constitution to abstain from competing for re-election for ten years.

At that time, however, the Supreme Court of El Salvador determined that a president could not serve two consecutive terms in office.

Read Previous

Binance Expands Margin Trading with SYS, GFT, COS

Read Next

Federal Judge Warns SEC Attorneys of Sanctions in Crypto Case