El Salvador President Nayib Bukele leaves his post

The President of El Salvador, who was behind the adoption of a high-profile law giving Bitcoin the status of a national means of payment, announced his resignation from his post.

The reason for the decision was the desire to participate as a candidate in the election campaign for the presidential elections, the results of which will be known in February 2024.

According to the country's constitution, El Salvador's President Nayib Bukele asked permission from the Legislative Assembly and left office on six months' leave.. This is how long it will take until the new president is inaugurated..

Speaking to members of the Legislative Assembly, Bukele said that he still believes that the government of El Salvador made the right decision to make Bitcoin legal tender and created the Bitcoin City center, powered by geothermal energy from a volcano..

“The people of El Salvador must decide whether they will continue to build a new El Salvador or whether they want to return to the past. Despite negative assessments from the World Bank and the International Monetary Fund, citizens of the country can now pay with Bitcoin almost everywhere,” Bukele declared.

One of the main financial strategies of the Bukele government was public investment in bitcoins, which represents the daily purchase of one BTC. Nayib Bukele believes that after the recent rise in the BTC rate, the country’s investments in the first cryptocurrency by capitalization have become profitable.