El Salvador Bitcoin After Bukele – Bitcoin Magazine


This is an opinion editorial by Jeremy, an advisor to Escape to El Salvador which is a community of professionals who assist expats in gaining residency and citizenship in El Salvador.

It has been wonderful to watch so many people visiting our beautiful country recently! They fall in love with our beaches and our jungles, our volcanoes and our pupusas. Eventually every tourist has that moment where they ask themselves, “Do we really have to go back?” and they’re only half-joking.

Those that seriously consider staying, do their research and check out places to live, and start to learn a little more about the politics of the Western Hemisphere’s smallest (non-island) country. Eventually, they find locals to talk to about residency in El Salvador, and when they do, one question comes up in every conversation: “What happens when President Bukele leaves office? Can the next President change the Bitcoin Law?”

The short answer is no, but it’s worth examining the details to truly understand the political environment here as it relates not only to Bitcoin, but to the broader ambitions of the Salvadoran public.

El Salvador has a democratic and representative government, and the power to make changes to the law rests in the hands of the Assembly. When President Bukele first took the highest office in the land in 2019, he wanted the Bitcoin Law (as well as several other reforms), but didn’t have the votes to pass it until the elections came the next cycle, when the Nuevas Ideas Party won control of the Legislative Assembly in a landslide showing of support for the various reforms discussed during the previous years, including the Territorial Control Plan, which has made El Salvador safer today than at any other point in its history. The Assembly passed the Bitcoin law a little over a year ago, and it would take another legislative action to make any changes. Another politician could very well campaign against the law, but it is hard to imagine anyone rising to the level of popularity that President Bukele has achieved, being the most popular head of state in the world in multiple international polls. With the majority of citizens here associating Bitcoin with the success of the country and its booming tourist economy, any suggestion of change is likely to face an uphill battle.

Source link Bitcoin Magazine


Be the first to comment

Leave a Reply

Your email address will not be published.