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El Salvador’s Pro-Bitcoin President Steps Down to Campaign for His Reelection

In an exciting turn-off event, the President of El Salvador, Nayib Bukele, resigned from his position days ahead of the 2024 general elections. The resignation of President Bukele has created embroiled dialogues among the crypto community on whether El Salvador will attain the long-awaited Bitcoin bid.

 On the other hand, market critics predicted that the stepping down of President Bukele would affect the country’s democracy. The decision to resign from his presidential role was reached after the legislative assembly legally allowed the self-proclaimed pro-crypto President to double down his campaign for the upcoming election.

Nayib Bukele Resigns

Guided by the constitutional laws in Central America, the outgoing President received the leave of absence to prepare for the highly contented race that would determine El Salvador’s 45th president. In the upcoming election, Bukele will compete with Vice President Felix Ulloa, among other presidential candidates.

 The report indicates that Bukele’s request for leave was opposed by 12 lawmakers and supported by 67 members of Congress. After intense discussion, Congress approved Bukele and Ulloa’s leave of absence, and Claudia Rodríguez de Guevara was appointed Bukele’s successor.

Guevara has been the private secretary for the outgoing President for years. The newly appointed President worked with Bukele when he was the mayor of Nuevo Cuscatlan. 

According to the report, the acting President will lead El Salvador through the election period amid acute intra-elite tensions. 

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Under the appointment letter, Miss Guevara will hold the presidential position until mid-year. Reportedly, Bukele will intensify his presidential campaign with just a few days ahead of the February 2024 election. 

El Salvador Prepares for 2024 Election

The outgoing President has remained committed to marrying crypto and blockchain technologies to the existing economic infrastructure in the pro-Bitcoin country. Bukele’s pivotal role in supporting the crypto industry’s growth stretches back to 2021 when El Salvador accepted Bitcoin as a legal tender.

 In an earlier report, the pro-crypto presidential aspirant had unleashed the strategies he intended to implement to attain his campaign promises. President Bukele plans optimize the untapped opportunities that could support the adoption of crypto in the region. 

In his previous achievement, President Bukele supported the introduction of crypto and blockchain education in learning institutions to increase the usage of digital assets. The outgoing President has approved crypto-friendly regulations in the region to attract foreign investment in Central America.  

Presidential Candidates Seeks to Actualize Campaign Promises

Since 2019 when he ascended the presidential seat, Bukele has remained at the forefront of championing the establishment of Bitcoin City in El Salvador. As the presidential race heats up, constitutional lawyers have opposed the reelection of Bukele for another five-year term. 

Citing some of the provisions of the El Salvador constitution, the lawyers argued that the reelection of Bukele was contrary to the law. The petition was presented before the Supreme Electoral Tribunal to reevaluate whether the New Ideas party candidate met the legal requirement to vie for the presidential seat. After a thorough lawful exercise, the Salvadorian Tribunal allowed Bukele to actualize his campaign promises by joining the presidential race.

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The 42-year-old politician has recently gained recognition for his exemplary work in combating crime. Under his leadership, El Salvador brought down criminal gangs that threatened national security.

 Most importantly, the outgoing President invested heavily in upskilling and military training to reduce crime in the region. Besides his achievement, Bukele has faced criticism from humanitarian groups and international regulators.

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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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