{"id":13961,"date":"2022-09-20T11:29:58","date_gmt":"2022-09-20T11:29:58","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-embracing-el-salvador-presidents-re-election-declaration-slammed-featured-bitcoin-news\/"},"modified":"2022-09-20T11:29:58","modified_gmt":"2022-09-20T11:29:58","slug":"bitcoin-embracing-el-salvador-presidents-re-election-declaration-slammed-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-embracing-el-salvador-presidents-re-election-declaration-slammed-featured-bitcoin-news\/","title":{"rendered":"Bitcoin-Embracing El Salvador President’s Re-Election Declaration Slammed \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Just over a year after overseeing El Salvador\u2019s adoption of bitcoin, the Central American country\u2019s 41-year-old president, Nayib Bukele, recently declared his intention serve another five-year term. The announcement has been criticized by some who have been quick to remind Bukele that El Salvador\u2019s constitution prohibits presidents from serving consecutive terms. <\/strong><\/p>\n

Re-Election of Presidents a Common Practice in Developed Countries<\/h2>\n

El Salvador\u2019s bitcoin-embracing leader, President Nayib Bukele, recently revealed that he plans to serve another five-year term even though the country\u2019s constitution bars presidents from serving consecutive terms. The announcement by Bukele, who reportedly enjoys high approval ratings, has been slammed by opponents and critics who accuse him of undermining the country\u2019s democratic institutions.<\/p>\n

According to an Al Jazeera report<\/a>, the 41-year-old leader made the announcement while delivering a speech about El Salvador\u2019s independence. In the speech, Bukele said his plan to serve consecutive terms was justified because this practice is also common in developed countries.<\/p>\n

\u201cI\u2019m announcing to the Salvadoran people that I\u2019ve decided to run as a candidate for president of the republic. Developed countries have re-election. And thanks to the new configuration of the democratic institution of our country, now El Salvador will too,\u201d Bukele reportedly said.<\/p>\n

In another report<\/a>, Bukele is quoted suggesting that while resistance and opposition to his plans by developed countries might be inevitable, he remains unperturbed by this because \u201cthey\u2019re not the ones who get to decide. The people of El Salvador do.\u201d<\/p>\n

However, just as Bukele anticipated when he made the announcement, critics that include the U.S. government have challenged his threat to override a clause in El Salvador\u2019s constitution, which specifically forbids presidents from serving consecutive terms. The United States-based think-tank the Atlantic Council has characterized Bukele\u2019s plan as the \u201cfinal step of his power grab.\u201d<\/p>\n

Fitch Ratings Downgrades El Salvador\u2019s Debt to CC<\/h2>\n

Meanwhile, the controversy sparked by Bukele\u2019s re-election bid came just a few days after the credit ratings agency Fitch Ratings downgraded El Salvador\u2019s debt to CC. According to a Bloomberg report, this rating means the Central American state\u2019s debt is seen as riskier than that of war-torn countries such as Ukraine and The Republic of Congo.<\/p>\n

Before Fitch Ratings\u2019 latest downgrade, El Salvador also faced widespread criticism over its decision in June 2021 to adopt<\/a> bitcoin as legal tender. As reported by Bitcoin.com News, institutions including the International Monetary Fund (IMF) have slammed<\/a> the move, which it said threatens financial stability.<\/p>\n

The IMF\u2019s subsequent call<\/a> on El Salvador to abandon its bitcoin law was rebuffed<\/a> by the Bukele government. Instead of giving in to the growing pressure from the IMF and others, the El Salvador government took steps to educate citizens about bitcoin. It also transferred bitcoins to citizens using the official wallet application, Chivo.<\/p>\n

As the first country to designate bitcoin as a legal tender, El Salvador also organized a bitcoin conference<\/a> at which 44 central banks were represented. However, the country\u2019s much-talked-about bitcoin volcano bonds are yet to come to fruition<\/a>. As per a Bitcoin.com News report, El Salvador\u2019s treasury officials have previously blamed the Ukraine-Russia war for causing the latest postponement of the issuance of the bonds.<\/p>\n

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Atlantic Council<\/a>, Bitcoin Law<\/a>, bitcoin law el salvador<\/a>, Bitcoin Wallet<\/a>, el salvador bitcoin<\/a>, Fitch Ratings<\/a>, IMF<\/a>, Nayib Bukele<\/a>, Nayib Bukele tender law<\/a>, Ukraine Russia conflict<\/a>, volcano bonds<\/a><\/div>\n<\/div>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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