One of the most forward-thinking countries in the realm of digital assets is set to continue growing its crypto-centered economy. Indeed, El Salvador is set to continue its Bitcoin City plan after its upcoming presidential election. Taking place on Saturday, re-election appears to be the most likely outcome.
The country is set to commence building a tax-free city centered around the digital asset. Moreover, El Salvador is set to launch Bitcoin bonds after the election set to take place on Saturday. Current President and Bitcoin enthusiast Nayib Bukele is expected to emerge from the elections victorious.
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El Salvador’s Bitcoin City Expected to Continue Development After Saturday Election
Since his ascension to the presidency, Nayib Bukele has transformed the El Salvadorian economy. Indeed, his admiration for Bitcoin has made the cryptocurrency central to his plans for its economic standing. Subsequently, with elections set to take place on Saturday, many expect his position to be maintained.
Moreover, his reelection would have massive implications for the continuation of the country’s big plans for the digital asset. Specifically, El Salvador is set to continue the development of its Bitcoin City after the upcoming presidential elections.
Also Read: El Salvador To Grant Citizenship to Foreign Bitcoin Investors
Speaking to Reuters, El Salvador’s Vice President Feliz Ulloa, discussed the country’s Bitcoin implementation. Speaking on Wednesday, he noted that Bitcoin would remain legal tender in the country. Moreover, he responded to an International Monetary Fund (IMF) request for reconsideration with a swift rejection.
“Not only will it (the law) be maintained,” Ulloa said, “At this moneht, it enjoys the greatest credibility in the entire world.” Specifically, Ulloa is referring to the United States’ decision to approve 11 Spot Bitcoin ETFs. Therefore, strengthening the country’s commitment to the digital asset.
Overall, Ulloa said the country is continuing with its plans for Bitcoin-backed bonds during 2024’s first quarter. Moreover, he noted that the construction of the aforementioned Bitcoin City would commence after the election.