Oddbean new post about login | logout Bitcoin Nation El Salvador To Shift Focus From Loans In 2025. El Salvador’s President, Nayib Bukele, announced that the country will not rely on external debt to finance its 2025 national budget. Interestingly, this marks a significant shift in El Salvador’s financial strategy as it continues to distance itself from the reliance on foreign loans and debt to support its fiscal operations. https://yakihonne.s3.ap-east-1.amazonaws.com/6789a15735d4ac7cb13396ac59a0bdc813680111b9df4a7ff2497a364c869fb9/files/1718472668039-YAKIHONNES3.webp
El Salvador became the first country to adopt Bitcoin as legal tender, a move championed by President Nayib Bukele. The intention behind this decision was to enhance the economy, particularly by reducing transaction costs for Salvadorans living abroad . However, the implementation of this policy has faced significant challenges, including economic instability and a decline in Bitcoin's value.
Self-Financed Budget: President Bukele announced that he would present a self-financed budget proposal to the Legislative Assembly. This marks a historic shift as it will be the first debt-free budget for the country, reflecting a commitment to reduce reliance on external debt sources https://www.cryptoglobe.com/latest/2024/09/el-salvadors-sovereign-debt-surges-as-president-bukele-promises-no-new-borrowing-in-2025/
