Since taking office in 2019, El Salvador’s President Nayib Bukele has consistently maintained significant public support. Recent poll results reveal that public trust is largely rooted in improvements in domestic security, while the country’s cryptocurrency choices remain of limited interest to its citizens.
High Approval Ratings and Security Policies
In a public opinion poll regarding his performance, 91.9% of participants expressed a positive view of Bukele, while a small minority held a negative opinion. About 63% of respondents firmly supported the president, while only 1.8% clearly disapproved of him. Responding humorously on social media, Bukele acknowledged these evaluations.
The high approval ratings are primarily attributed to a decrease in crime rates and advancements in public security. The Bukele administration has taken a tough stance against gangs, constructing a large-scale correctional facility to address potential offenders.
Improvements in security conditions stand out as the key factor in gaining public trust.
In recent years, there has been a notable drop in homicide rates, with state initiatives directly impacting society positively.
Bitcoin Adoption and Relations with the IMF
Under Bukele’s leadership, the 2021 declaration of Bitcoin as a legal tender made headlines internationally. However, the use of Bitcoin in daily life has yet to become widespread. Only 2.2% of survey participants criticized the implementation, and other details concerning cryptocurrencies rarely surfaced.
Bukele admitted in an interview last year that the project hasn’t gained the expected traction.
Despite criticism, the government continues its strategy of purchasing Bitcoin daily, increasing the country’s cryptocurrency reserves.
During this period, El Salvador continued negotiations with the International Monetary Fund (IMF). Recent agreements anticipate restricting certain cryptocurrency initiatives, yet the state suggested it will persist in acquiring crypto assets.
Chivo Wallet and Financial Implications
In discussions with the IMF, the future of the state-run Chivo digital wallet application was also considered. Since its launch, the app has received complaints related to fraud, identity theft, and technical glitches, leading to discussions about transferring or closing the platform.
Following the potential closure of this public application, the administration indicates that private sector wallet services could operate within the country. In recent developments, El Salvador secured $1.4 billion in financing support from the IMF for 2024. The fund’s evaluation forecasts a 4% economic growth for the country this year.
