Bitcoin President Nayib Bukele Declares Victory In El Salvador’s Elections
By Benzinga
El Salvador’s President Nayib Bukele has declared victory in the country’s presidential election, despite the results not being officially confirmed. This would mark his second term in office, a move that has been met with criticism.
What Happened: President Bukele, known for his tough stance on gangs, announced his victory on social media, claiming to have secured 85% of the vote, reported BBC. His re-election bid was approved by the constitutional court, despite the ban on consecutive terms.
Under his leadership, El Salvador has reportedly seen a significant crime reduction, transforming it from one of the world’s most violent countries to one of the safest in Latin America.
However, his methods have been controversial, with human rights groups accusing his administration of arbitrary arrests during the anti-gang campaign. The government has reportedly detained around 75,000 people under emergency measures, which have been repeatedly extended, according to the report.
His re-election bid has also been met with criticism, as it violates the constitution. The constitutional court, largely made up of his supporters, allowed him to run again on the condition that he step down before his second term begins. Bukele nominally resigned as president several weeks ago and is set to be sworn in again in June.
Why It Matters: Bukele’s re-election comes after a series of controversial decisions, including El Salvador’s adoption of Bitcoin (CRYPTO: BTC) as legal tender in 2021. This move was met with both praise and criticism, with some hailing it as a bold step towards financial inclusion and others expressing concerns about the potential risks and implications.
Moreover, a group of Democratic lawmakers, led by Rep. Ilhan Omar (D-Minn.), recently urged the Biden administration to address the “authoritarian” actions of Bukele, citing concerns of “democratic backsliding” and an increase in human rights violations in El Salvador.
Despite the controversy, Bukele’s leadership has seen some successes. In December, he announced that El Salvador’s Bitcoin investment had turned a profit, with the country sitting on an unrealized gain of $3.6 million.
Read Next: Biden The Master Oil Trader Part III? President Refills Emergency Stash As Crude Price Slides
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