El Salvador Presses On with Bitcoin City Post-Presidential Election

Jonathan Stoker Feb 01, 2024, 23:50pm 104 views

El Salvador Presses On with Bitcoin City Post-Presidential Election

El Salvador's Commitment to a Crypto-Based Economy Continues

El Salvador, one of the most progressive nations in terms of digital assets, is on track to expand its crypto-focused economy. It is anticipated that the country will persist with its BitcoinBitcoin$42,260 -0.64% City project following the next presidential election. With the election proceeding on Saturday, the current president's re-election seems the most probable outcome. This paves the way for the commencement of a tax-free city project that revolves around digital assets. Additionally, El Salvador plans to introduce Bitcoin bonds post-election. It is expected that Nayib Bukele, the present president and a Bitcoin enthusiast, will emerge triumphant from the upcoming elections.

Bitcoin City: El Salvador's forthcoming development post-election

Through his presidency, Nayib Bukele has revolutionized El Salvador's economy. His passion for Bitcoin has led to the cryptocurrency becoming a vital part of his economic plans. As the elections are approaching this Saturday, it is widely anticipated that his position will remain secure. His re-election could have a significant impact on the continuation of the country's ambitious plans for digital assets. In particular, the progress of the Bitcoin City project is expected to proceed after the presidential elections.

El Salvador's Stance on Bitcoin Implementation

In a discussion with Reuters, El Salvador's Vice President Feliz Ulloa elaborated on the country's Bitcoin implementation. He confirmed that Bitcoin will retain its status as legal tender in the country and quickly dismissed an International Monetary Fund (IMF) appeal for reconsideration. Ulloa stated, Not only will the law be upheld, but at this moment, it enjoys the highest credibility worldwide. This statement refers to the United States' approval of 11 Spot Bitcoin ETFs, further strengthening El Salvador's commitment to digital assets.

Future Plans for Bitcoin-Backed Bonds and Bitcoin City

Ulloa confirmed that the country will proceed with its plans for Bitcoin-backed bonds in the first quarter of 2024. He also noted that construction of the much-discussed Bitcoin City would commence post-election.

Edited by Jonathan Stoker

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