The pro-crypto President of El Salvador, Nayib Bukele has announced that he will seek re-election for a second five-year term. He made the announcement in an Independence Day live streaming event on September 15.
Bukele’s current term is set to end in 2024. The country’s constitutional lawyers state that re-election violates at least four articles of El Salvador’s constitution.
However, a year ago new justices of the Constitutional Chamber of the Supreme Court appointed by Bukele’s allies in the Legislative Assembly ordered the Supreme Electoral Court to allow consecutive re-election despite the country’s constitutional ban.
The President said in his announcement, “Developed countries have re-election, and thanks to the new configuration of the democratic institution of our country, now El Salvador will too.”
Bukele enjoys extremely high popularity among the country’s citizens. It was under his presidency that El Salvador became the first country to make Bitcoin a legal tender in September 2021.
He has consistently purchased Bitcoin amid bear markets. Recently, the President bet on bitcoin as an attempt to avoid a default.
But El Salvador demonstrates that it has sufficient cash, even enough to purchase debt before it matures. El Salvador has announced the invitation of offers to repurchase a portion of its sovereign debt bonds due in 2023 and 2025.