El Salvador isn’t slowing down on its Bitcoin obsession. President Nayib Bukele has decided to train 80,000 civil servants in the fine art of Bitcoin.
The National Bitcoin Office (ONBTC), which operates under the Presidential Office, has announced plans to launch a comprehensive certification program focused on Bitcoin.
They’re also bringing Bitcoin education to public schools, using open-source courses like Mi Primer Bitcoin and Node Nation. The goal? To integrate Bitcoin deeper into the country’s economy and the everyday lives of its citizens.
The certification program, called Certification in Public Administration 1, is a 160-hour virtual training session, split into seven modules. These modules cover everything from the basics of Bitcoin to the legal and management aspects of using it as legal tender.
Stacy Herbert, the director of ONBTC, believes that educating civil servants will have a “compounding effect” on the country’s Bitcoin-driven economy. She’s already planning more educational projects to push this vision forward. As she puts it:
“These education projects are very low time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy.”
After President Bukele’s re-election in February,the administration has doubled down, ignoring the International Monetary Fund’s (IMF) grumblings about ditching Bitcoin. Vice President Félix Ulloa pointed out that the Bitcoin law has gained credibility around the world, despite the critics.
Of course, El Salvador is mining Bitcoin too. The country has ramped up its Bitcoin mining operations, tapping into its unique geographical features. While the initial excitement around Bitcoin was huge, everyday use hasn’t exactly taken off.
Sure, a lot of people downloaded the Chivo Wallet app when it first launched, but many haven’t used it much beyond collecting the initial incentives.
The law that requires businesses to accept Bitcoin? Only about 20% of businesses are actually following it, and most of them convert Bitcoin sales back into U.S. dollars immediately.
While all this is happening, El Salvador’s Bitcoin stash has been looking pretty healthy. Right now, the country holds around 5,750 Bitcoins, valued at over $375 million.
This boost in value is partly thanks to the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S.
This increase in value is a big win for El Salvador, which has been holding onto its Bitcoin despite the ups and downs in the market. The government’s decision to stick with Bitcoin is starting to pay off, at least financially.
The future might be volatile, but for now, things are looking up.
