As El Salvador approaches its nationwide elections on Sunday, Vice President Felix Ulloa, in an unique interview with Reuters, outlined the federal government’s unwavering dedication to Bitcoin, particularly within the context of President Nayib Bukele’s potential second time period.

Vice President Ulloa, who’s presently on depart to marketing campaign for re-election alongside President Bukele, confirmed that BTC’s standing as authorized tender in El Salvador will proceed unabated. This assertion comes amidst El Salvador’s ongoing negotiations with the Worldwide Financial Fund (IMF) for a $1.3 billion mortgage, the place the IMF has steered that El Salvador “reconsider” its adoption of Bitcoin.

Ulloa expressed the federal government’s agency stance towards reversing its choice on Bitcoin, particularly in gentle of the current transfer by the US Securities and Alternate Fee (SEC) to approve US-listed exchange-traded funds (ETFs) that observe BTC. He remarked, “Not only will it [the law] be maintained,” including, “At this moment, it enjoys the greatest credibility in the entire world.”

If President Bukele and his New Concepts social gathering safe a victory within the upcoming election, as broadly predicted by polls, the Salvadoran authorities intends to proceed with launching Bitcoin-backed bonds, colloquially referred to as “Volcano Bonds,” inside the first quarter of 2024.

These bonds are a part of a broader effort to harness Bitcoin for the nation’s financial improvement and are intently tied to the proposed Bitcoin Metropolis mission, which incorporates leveraging geothermal vitality from volcanoes for BTC mining.

Bukele’s Bitcoin Plans For 2024

The development of Bitcoin Metropolis, a tax-free crypto hub proposed by President Bukele in Jap El Salvador, stays a key a part of the administration’s plans. Moreover, the federal government goals to subject passports to traders who contribute the equal of $1 million in BTC. This initiative is designed to draw important BTC funding into the nation.

El Salvador made historical past in September 2021 by turning into the primary nation to determine BTC as authorized tender, a call that attracted substantial worldwide criticism, notably from the IMF. Nevertheless, Vice President Ulloa, a 72-year-old lawyer, stays hopeful that the nation will overcome the challenges related to accessing IMF financing, particularly on condition that “the majority of the package has already been agreed upon.”

This steadfast strategy to integrating Bitcoin into El Salvador’s monetary system signifies a major chapter within the world narrative of digital currencies and their position in nationwide economies. The forthcoming election outcomes can be essential in figuring out the longer term trajectory of those pioneering initiatives.

At press time, BTC traded at $42,190.