El Salvador’s President Nayib Bukele made BTC -0.43%-news/">Bitcoin the country’s legal tender last September, saying he plans to run for the next five-year presidential term in 2024.
While the country’s constitution bars presidential candidates for immediate re-election, the country’s top court ruled in September 2021 that a president can serve two consecutive terms.
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Hours before Nayib Bukele’s re-election announcement, ratings agency Fitch downgraded El Salvador’s long-term foreign currency issuer default rating (IDR) to CC from CCC and removed the rating from Rating Watch (UCO).
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