The Vice President of El Salvador, Felix Ulloa recently confirmed that Bitcoin will continue to be a legal means of payment in the country during the second term of President Nayib Bukele.
The announcement follows the IMF's request to re-evaluate cryptocurrencies as a legal means of payment during ongoing negotiations for a multi-billion dollar loan.
As El Salvador prepares for presidential elections, in which Bukele is expected to win a decisive victory, the Vice President reiterated the country's use of Bitcoin.
Ulloa, who is on leave to run again with Bukele, reiterated the Central American country's commitment to adopt crypto as a legal means of payment. Despite the IMF's doubts, the government of El Salvador has no intention of overturning the decision.
Ulloa added that the recent announcement by the United States Securities and Exchange Commission (SEC) allowing US-listed exchange-traded funds (ETFs) that track Bitcoin has strengthened their resolve.
In a strategic effort to further integrate Bitcoin into the country's economic landscape, Ulloa revealed that if Bukele and the New Ideas party win the upcoming elections, El Salvador will proceed with plans to launch BTC-backed bonds in the first quarter of 2024.
Additionally, Ulloa confirmed that the ambitious plans to build Bitcoin City, a tax-free crypto haven proposed by Bukele in the eastern part of the country, and the issuance of passports to investors contributing the equivalent of $1 million in Bitcoin will go ahead as planned .
