In an Independence Day dwell streaming occasion on Sept. 15, El Salvador President Nayib Bukele introduced his bid for reelection after his present time period ends in 2024.

Bukele’s announcement comes despite the fact that previous presidents in El Salvador had been prohibited by legislation from having consecutive phrases in workplace. The president highlighted that:

“Developed nations have reelection, and due to the brand new configuration of the democratic establishment of our nation, now El Salvador will too.”

Total, Bukele exhibits indicators of strong assist, as a CID Gallup ballot performed final month revealed an 85% approval score of his presidency and 95% approval of his governance in safety issues.

Nonetheless, in mild of the announcement El Salvadorians took to the streets in protest. Hundreds of protestors pushed again towards Bukele’s corruption and the combination of Bitcoin, amongst different issues discovered unpleasant throughout his presidency.

EL PUEBLO MARCHÓ CONTRA @nayibbukele HOY #El15Marchamos

Miles de personas se hicieron presentes a la marcha contra la corrupción de Bukele, por el Bitcoin, por los inocentes presos, por la falta de obras, contra la reelección inconstitucional, por las mentiras y engaños. pic.twitter.com/FVPton9hXn

— Prensa Política (@PrensaPolitiSV) September 16, 2022

Throughout his presidency, Bukele launched Bitcoin as authorized tender within the nation again in September 2021. The introduction ofthe largest cryptocurrency within the nation lately hit its one-year anniversary, after a yr of regular value declines.

Regardless of introducing Bitcoin-centric academic packages corresponding to “Mi Primera Bitcoin” – my first bitcoin- and being an instance to neighboring nations like Columbia and Venezuela, the native inhabitants just isn’t as eager on crypto as anticipated.

El Salvador ‘has not had any losses’ resulting from Bitcoin value dive, Finance Minister says

A nationwide survey from February of this yr confirmed that 20% of the inhabitants actively used the Chivo Pockets, El Salvador’s most well-liked crypto pockets, for Bitcoin transitions. In any other case, greater than double the quantity downloaded for the preliminary free present of $30.

Solely 20% of polled enterprise homeowners stated they settle for crypto funds, most of which had been bigger enterprises fairly than small-scale retailers.

However, the adoption of Bitcoin as a authorized tender has launched a brand new sort of crypto-tourist to the nation, regardless of the bear market. Based on official numbers, native tourism was up by 82.8% simply this yr.

Critics proceed to commute on the subject of El Salvador’s utilization and adoption of Bitcoin. Hundreds could also be protesting on the road towards the insurance policies surrounding digital forex. Nonetheless, some nonetheless see it as technological and monetary development for a creating nation like El Salvador.