President Nayib Bukele of El Salvador, a pivotal figure in endorsing Bitcoin as the country's legal tender, has stepped down from his position to focus on his re-election campaign in 2024. This move came after the El Salvador Legislative Assembly granted approval on December 1. Subsequently, Bukele resigned, making way for Claudia Rodríguez de Guevara, who assumes the role of Acting President until June 2024, leading up to the next general election scheduled for February 2024.
Héctor Silva, a mayoral candidate in San Salvador, criticized the state of democracy in El Salvador, highlighting the irony that the President, who has never cast a vote, holds the highest office. Bukele, inaugurated in June 2019, swiftly gained attention for his efforts to mitigate El Salvador's soaring homicide rates and his pro-cryptocurrency stance. He notably advocated for Bitcoin's adoption as legal tender in September 2021 and proposed the development of a "Bitcoin City" fueled by a volcano-powered infrastructure within the country.
While Bukele's tenure saw a notable decline in homicide rates, critics have raised concerns about human rights violations linked to the government's measures against gang activity. A United Nations human rights office report from March 2022 pointed out "mass detentions" and instances of torture or deaths in detention within El Salvador.
The President of El Salvador traditionally holds office for a five-year term. Before September 2021, the country's constitution mandated a ten-year hiatus before a president could seek re-election. However, a ruling by El Salvador's Supreme Court at the time allowed the president to pursue two consecutive terms in office.
