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El Salvador president Nayib Bukele is set to lead the country for another five years after winning the election with an overwhelming majority. Preliminary results showed Bukele headed for a win with 87.7% support after voting closed on Sunday evening.
#ElSalvador | Resultados preliminares con base en boca de urna, arrojan que tal como se previó en las encuestas, @nayibBukele tendría la ventaja en los comicios presidenciales con un porcentaje superior al 87% de votos a favor. Siendo así, electo para un próximo periodo al mando… pic.twitter.com/fHcBECOXub
— News On Demand (@OnDemand_News) February 5, 2024
In a post on X (formerly Twitter), Bukele celebrated the early lead, claiming also to have secured at least 58 out of 60 deputies in the Assembly.
Bukele’s victory was expected as he had enjoyed high popularity in El Salvador, despite his once controversial moves. During his first term, he engaged in mass incarcerations seeking to weed out criminal gangs in the country.
Win cements pro-crypto policies in El Salvador
Bukele’s win will be celebrated among crypto enthusiasts keen on his favourable policies in the sector. In 2021, the country became the first in the world to adopt Bitcoin as legal tender.
El Salvador also introduced the Chivo crypto wallet to encourage Bitcoin adoption. Bukele engaged in a series of Bitcoin purchases, with the president claiming they are part of a long-term strategy and wasn’t willing to sell the digital asset.
However, El Salvador’s bold move to legalise Bitcoin was highly criticised by financial watchdogs, including the International Monetary Fund (IMF). The institutions warned of the risks cryptocurrencies posed to financial stability.
It now remains to be seen on El Salvador’s new chapter in crypto as Bukele earns a deserved re-election in the eyes of the citizens. The inevitable discussions are whether his pro-crypto stance will be reflected in more global pursuits of decentralised finance at a time when countries seek to free themselves from dollar domination.
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