El Salvador Vice President Felix Ulloa says Bitcoin will remain El Salvador’s legal tender during President Nayib Bukele’s second term.
Ulloa said the announcement comes after the International Monetary Fund (IMF) asked El Salvador to "reconsider" the measure during negotiations on a billion-dollar loan, and that the government has no intention of changing the decision, following the recent announcement by the U.S. The listing of an ETF tracking Bitcoin will only strengthen the country’s resolve.
Ulloa also said that if Bukele and his New Idea party win Sunday's election as the vast majority of polls predict, the El Salvadoran government will continue with plans to issue Bitcoin-backed bonds in the first quarter of 2024 , the construction of Bitcoin City, the tax-free cryptocurrency haven that Bukele proposes to build in the east of the country, and plans to issue passports to cryptocurrency investors will also go ahead. (Reuters)