A little over a year after El Salvador introduced bitcoin, the 41-year-old president of this Central American country, Naives Bukele, recently announced his intention to serve another five-year term. The announcement has been criticized by some for reminding Bukele that El Salvador’s constitution prohibits consecutive presidential terms.
Presidential reelection is common practice in developed countries
El Salvador’s pro-Bitcoin leader, President Naib Bukele, recently announced that he plans to serve another five-year term, despite the country’s constitution prohibiting consecutive presidential terms. The announcement by President Bukhare, who reportedly enjoys high approval ratings, has been slammed by opponents and critics, who accuse him of undermining the country’s democratic institutions.
Al Jazeera reportsthatthe 41-year-old leader made the announcement. This 41-year-old leader made this announcement when he gave a speech about El Salvador’s independence. In his speech, Buquere said that his plan to serve consecutive terms was justified because it is common in developed countries.
“I announce to the Salvadoran people that I have decided to run as a candidate for President of the Republic. In developed countries we have re-elections. And thanks to the new configuration of our country’s democratic institutions, now El Salvador will too,” Buquere reportedly said.
In anotherreport, Buquere said that while resistance and opposition by the developed countries may be inevitable, “I am unconcerned because it is not for them to decide. The people of El Salvador will decide.”
However, as expected at the time of Bucherer’s announcement, critics, including the U.S. government, objected to his threat to overturn a provision in the El Salvadoran constitution that explicitly forbids consecutive presidential terms. The Atlantic Council, a U.S.-based think tank, characterized Bucherer’s plan as “the final stage of a power grab.”
Fitch Ratings Downgrades El Salvador’s Debt to CC
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Meanwhile, the controversy over Bucheret’s re-election comes just days after rating agency Fitch Ratings downgraded El Salvador’s debt to CC This occurred. According to a Bloomberg report, the rating means that the Central American nation’s debt is considered riskier than that of war-torn countries like Ukraine and the Republic of Congo.
Prior to Fitch Ratings’ latest downgrade, El Salvador also faced widespread criticism for its decision to adopt bitcoin as legal tender in June 2021.As Bitcoin.com News reported, International Monetary Fund ( institutions, including the IMF, condemned the move, which they said threatened financial stability.
The IMF then called on El Salvador to abandon its Bitcoin law, but was rebuffed by the Buchere government, which, undaunted by mounting pressure from the IMF and others, took steps to educate its citizens about Bitcoin. It also transferred bitcoins to its citizens using the official wallet application “Chivo.”
Also, as the first country to designate bitcoin as legal tender, El Salvador hosted a bitcoinconferenceattended by 44 central banks. However, the country’s much-talked-about Bitcoin Volcano bond has yet to materialize; Bitcoin.com News reports that El Salvador’s finance authorities previously blamed the Ukraine-Russia war as the cause for the recent delay in the bond issue.
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