El Salvador’s pro-Bitcoin (BTC) president Nayib Bukele sworn in

El Salvador’s pro-Bitcoin (BTC) President Nayib Bukele has been sworn in for another five-year presidential term following his landslide victory in February – an event that sparked much excitement in the cryptocurrency industry due to its positive stance on Bitcoin.

“Bukele is proof of work – well done for another five years. “God bless El Salvador,” crypto commentator Corey Bates said in a June 1 post.

“On this day, exactly 5 years ago, Nayib Bukele was sworn in as president of El Salvador. Since then, the country has become a global leader – a beacon of freedom, security and innovation. “The first president of Bitcoin,” added crypto media expert Pete Rizzo.

Source: Presidential House

On June 1, the opening ceremony took place at the National Palace in San Salvador. Bukele reiterated how, under his leadership, the country saw a significant drop in crime following a major crackdown on gangs.

“In two years, we have managed to reverse a situation that had not been resolved for more than half a century, with more than 70,000 terrorists controlling the country, who have caused more deaths than the armed conflict,” he said. declared Bukele.

While he has received support from citizens for his crime-fighting efforts, he has also received support from the global cryptocurrency industry for his decision to adopt Bitcoin as legal tender.

In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, after announcing the Bitcoin Law. However, according to a July 2021 Reuters poll, more than three-quarters of Salvadorans were initially skeptical.

Bukele won a landslide victory in the last elections

On February 20, Cointelegraph reported that New Ideas had won 54 of the legislature’s 60 seats, providing Bukele with the political means to continue leading the country.

The results come from the elections that took place in the country on February 4. On February 5, Bukele declared victory before official results were announced, indicating that New Ideas had won 58 seats instead of 54.

about: El Salvador launches website to monitor $360 million Bitcoin hoard

More recently, reports have suggested that Argentina could emulate El Salvador’s approach by adopting Bitcoin and other cryptocurrency plans.

On May 27, Cointelegraph reported that the National Securities Commission (CNV), Argentina’s securities regulator, held a meeting with El Salvador’s National Commission for Digital Assets (CNAD) to discuss the adoption and regulation of cryptocurrencies in both countries.

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