El Salvador’s President Nayib Bukele has announced that the country will no longer rely on external debt to finance its upcoming national budget. Prez Bukele has been vocal about the importance of cryptocurrencies especially Bitcoins to create a strong, indigenous national reserve.
The news was confirmed by Stacy Herbert, the Director of National Bitcoin Office under El Salvador President Bukele.
In a recent interview with Time magazine on August 29, Bukele also reflected on El Salvador’s groundbreaking decision to make Bitcoin a legal currency in 2021. He admitted that while the move was innovative, it hasn’t achieved the widespread popularity he initially hoped for.
“A lot more could definitely be done. Bitcoin hasn’t had the widespread adoption we expected,” Bukele said, acknowledging the challenges while remaining optimistic.
El Salvador’s decision to embrace Bitcoin as official currency drew global attention, particularly from the cryptocurrency community. Though results have been mixed, Bukele remains committed to his vision of financial independence and growth.
With the elimination of external debt reliance and continued support for Bitcoin, El Salvador is on a bold path toward greater economic freedom. The country’s leadership is focused on reducing dependency on outside financing while shaping a future that embraces new technology.
