The legislative power of El Salvador has approved important constitutional reforms that will considerably reform the political structure and election time lines of the country.
The new legislative proposal, adopted by 57 legislators on July 31, makes indefinite presidential re -election possible, extends the duration of the presidential conditions of five to six years and removes the need for second -round drainages in elections.
It is crucial that the changes also raise the end of the current term of President Nayib Bukele from June 2029 to June 2027. This coordination of presidential and legislative elections means that Bukele could now find a different period two years earlier than planned.
Proponents of the reforms say that the movements will improve institutional stability, reduce election costs and attract more foreign investments by offering political continuity. They also claimed that the overhaul was designed to “stabilize election periods” and to reduce what they described as a constant state of political campaigns.
In particular, these changes only come one year after Bukele has obtained a second term, despite constitutional provisions that had previously excluded immediate re -election.
What does this mean for Bitcoin?
President Bukele has positioned El Salvador as a daring experiment in crypto-driven administration. In 2021 the country wrote history by hiring Bitcoin as a legal tender, which attracted international praise and skepticism.
Since then, the government has built up a strategic Bitcoin reserve and made the use of the crypto possible for daily transactions, tax payments and public services.
Given this, said Stacy Herbert, who leads the Bitcoin office of the government, that the reform of the elections would enable the country to continue its current economic process.
According to her:
“The days of chaos, violence and despair have disappeared forever. El Salvador remains on the way to greatness.”
In the meantime, Max Keizer, a senior adviser about the Bitcoin policy, offered a more radical view of the reforms and said that El Salvador would become the Singapore of Central -America under Bukele.
He explained:
“The management model of El Salvador follows Bitcoin. It is not ‘democracy’, it is Bitcoin country. It is a startup -nation -and as I told the New Yorker 3 years ago, Bukele is a cross between JFK & Steve Jobs.”