
A year after overseeing El Salvador’s adoption of bitcoin, the Central American country’s 41-year-old president, Naib Bukele, recently announced that he will serve another five-year term. The ad was criticized by people who quickly tried to remind Buckel that El Salvador’s constitution prohibits presidents from serving consecutive terms.
Re-election of presidents is a common practice in developed countries
El Salvador’s bitcoin-embracing leader, Naib Bukele, recently revealed that he plans to serve another five-year term, despite the country’s constitution prohibiting presidents from serving consecutive terms. Bukele’s ad, which is said to be highly approved, has been criticized by opponents and critics who say it is an attack on the country’s democratic institutions.
According to Al Jazeera, the 41-year-old leader announced this during a speech on the independence of El Salvador. In his speech, he said that his plan to serve for consecutive terms is correct as this practice is also common in developed countries.
I am announcing to the Salvadoran people that I have decided to run as a candidate for President of the Republic. Developed countries held elections again. And thanks to the configuration of our new country’s democratic institutions, it will now be El Salvador too,” he reportedly said.
In another report, Bukele said that despite the inevitable opposition and opposition to the plan in the developed countries, they are still not shocked by it because “they are not the ones who make the decision.” The people of El Salvador do.
But as expected when Bukele made his case public, critics, including the US government, objected to his threat to overturn a clause in El Salvador’s constitution that specifically bars presidents from serving consecutive terms. The US-based Atlantic Council think tank described Buckel’s plan as “the latest step in the power grab”.
Fitch Ratings downgrades El Salvador’s debt to CC
Meanwhile, the controversy over Buchelle’s re-election bid comes just days after credit rating agency Fitch Ratings downgraded El Salvador’s debt to CC. According to a Bloomberg report, this level makes the Central American country’s debt considered more dangerous than war-torn countries such as Ukraine and the Republic of Congo.
Before Fitch Ratings’ latest downgrade, El Salvador faced widespread criticism over its decision to adopt bitcoin legal tender in June 2021. As reported by Bitcoin.com News, institutions including the International Monetary Fund (IMF) said it threatened financial stability.
The IMF’s subsequent call for El Salvador to abandon bitcoin legislation was rejected by the Buccele government. Instead of giving in to increasing pressure from the IMF and others, El Salvador’s government has taken steps to educate citizens about bitcoin. It transferred bitcoins to citizens using the official wallet app Chivo.
El Salvador has legalized Bitcoin as the first country to adopt Bitcoin as legal tender. Conference 44 central banks are represented on this. However, the country’s much-hyped Bitcoin volcano bonds have yet to materialize. According to a Bitcoin.com news report, El Salvador’s Treasury officials have previously blamed the Ukraine-Russia war for the latest postponement of bond issuance.
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