Business scion Daniel Noboa will fulfill a long-held family ambition when he takes office as Ecuador’s president, after winning elections, on Sunday. He has been elected on promises to create jobs and bring crime gangs under control. The nation has always been under huge pressure from the underworld. People finally look up to Noboa with stable leadership and strict laws to ensure peace all over.
Noboa, 35, who quit a job at his family’s sprawling conglomerate when he was elected to the national legislature in 2021, won more than 52% of the vote, beating leftist challenger Luisa Gonzalez, who had about 48%, with the initial tally nearly complete.
“Tomorrow we start work for this new Ecuador, we start working to rebuild a country seriously battered by violence, by corruption and by hate,” Noboa told supporters in the seaside town of Olon after clinching victory in a campaign marred by the murder of anti-corruption candidate Fernando Villavicencio. “From tomorrow Daniel Noboa starts work as your new president,” he added.
(Ecuadorian presidential candidate Daniel Noboa speaks to the press following his win in the presidential election, in Santa Elena, Ecuador October 15, 2023. REUTERS/Santiago Arcos.)His victory will be an immediate balm to markets, analysts have said, but his cabinet picks are still unknown and are likely to influence long-term market outlook. Noboa has also promised job creation, particularly for young people, and his supporters have touted the married father-of-two’s fresh perspective on the country’s problems. Ecuador’s economy never got out of the “coronavirus struggle” phase. There were also reports of Ecuador “ready” to file a legal tender for adoption of bitcoin similar to what El Salvador did. New leadership and young minds have rendered masses to think whether bitcoin will decide Ecuador’s fate or will Noboa manage to refrain himself and his country from adopting what is considered as “dangerous” from International Monetary Fund (IMF). The cryptocurrency laws of Ecuador clearly state that, they have not adopted Bitcoin or any such currencies. Although, purchase of such items from internet is not forbidden.
A similar operation about their digital currencies ran from 2014-2018 and it failed miserably. Earlier, their currency was not backed by the USD. People eventually lost trust over it and the government had to discontinue it. It failed to provide the impact on the people because of its inability to make international payments.
