El Salvador’s President Nayib Bukele is eyeing further integration of Bitcoin into the country’s economic framework if he secures a second term in the upcoming election. Despite pressure from the International Monetary Fund (IMF) to reconsider El Salvador’s adoption of Bitcoin as legal tender, the government remains resolute in its decision, according to Vice President Felix Ulloa.

Ulloa affirmed that Bitcoin will continue to be recognized as legal tender in El Salvador, highlighting the recent approval of Bitcoin-tracking exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) as a reinforcement of the government’s commitment to a cryptocurrency-friendly approach.

The administration, looking ahead, plans to launch Bitcoin-backed bonds in the first quarter of 2024. Additionally, it envisions the creation of a tax-free crypto haven called Bitcoin City in the eastern part of the country. The government also aims to issue passports to investors contributing the equivalent of $1 million in cryptocurrency.

El Salvador made history in September 2021 by becoming the first country to adopt Bitcoin as legal tender, a move that faced criticism from various quarters, including the IMF. Despite challenges, the government remains optimistic, aspiring to overcome obstacles in accessing IMF financing amid an acceleration of public debt.

As the New Ideas party led by Bukele is predicted to win the upcoming election significantly, the president’s ambitious plans for Bitcoin-backed initiatives and the development of a crypto-friendly environment are expected to advance.

Vice President Ulloa, a 72-year-old lawyer, expressed confidence that the government’s decision to embrace Bitcoin enjoys global credibility and will continue to be upheld. He mentioned that the majority of the proposed plans have already been agreed upon.

Data from Nayibtracker.com, tracking El Salvador’s Bitcoin purchases based on Bukele’s tweets, indicates that the country could profit approximately $4 million by selling its holdings.

In the broader cryptocurrency landscape, notable investors have witnessed substantial profits. MicroStrategy, a major institutional holder of Bitcoin, reported an unrealized profit surge to $2 billion as the value of its holdings reached approximately $7.3 billion with Bitcoin at $42,000.

Similarly, Tether, the company behind the world’s largest stablecoin, reported over $1 billion in profit as the value of its Bitcoin reserves increased. Tether currently holds 57,576 BTC, with an average purchase price of $22,480 per coin, reflecting an 85% gain since acquisition, equivalent to $1.1 billion.