Bukele's administration made history by integrating bitcoin into the nation's financial system as legal currency.
Nayib Bukele, the incumbent president of El Salvador known for his favorable stance on bitcoin, has seemingly secured another term in office, based on initial exit polls from Sunday's election showing him far ahead of competitors.
Bukele's continued popularity and pre-election lead were indicators of his likely re-election. Since taking office in 2019, he has been celebrated for his aggressive measures against crime and his innovative financial policies regarding cryptocurrency.
"According to our numbers, we have won the presidential election with more than 85% of the votes and a minimum of 58 of 60 deputies in the Assembly," Bukele announced on Twitter.
His tenure has been marked by significant initiatives, including the adoption of bitcoin as legal tender in 2021, making El Salvador the pioneering nation to embrace the cryptocurrency in this capacity. The government launched the Chivo crypto wallet to facilitate bitcoin transactions and invested in the currency, actions that have been praised by crypto advocates but scrutinized by international bodies like the International Monetary Foundation (IMF).
El Salvador is also on the cusp of launching bitcoin-backed "Volcano bonds," a venture aimed at funding a renewable energy-powered bitcoin mining operation, following regulatory approval last December.
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