El Salvador’s National Bitcoin Office (ONBTC) will provide Bitcoin training and certification to 80,000 government employees. This initiative is part of a broader strategy to integrate Bitcoin into public policies and management.

The program, delivered through a 160-hour virtual course called “Certification in Public Administration 1,” consists of seven modules covering various aspects of Bitcoin as legal tender, including relevant laws and management skills.

Stacy Herbert, director of ONBTC, emphasized the long-term benefits of this initiative for El Salvador’s Bitcoin-centric economic strategy. Writing on X she said, “El Salvador keeps winning because we keep building to the very highest standards. For three years now, the @bitcoinofficesv has been trailblazing the path upon which all other nations will follow. Along with creating a new K-8 Bitcoin Workbook & introducing Bitcoin into public schools, I am also helping to build the Bitcoin Module for the ESIAP Academia, established by President Bukele in 2021 to build excellence in governance in El Salvador. Thousands of El Salvador’s civil servants will soon receive the highest standard of instruction on bitcoin. And this will have the compounding effect of excellence begetting more excellence in El Salvador, the home of new capital markets on bitcoin.”

Source: Stacey Herbert

The program is developed by the Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in August 2021.

As El Salvador continues to lead in Bitcoin adoption, its success has sparked interest from other countries with volatile economies. In May, Argentina began collaborating with El Salvador to learn from its cryptocurrency policies. This partnership was highlighted during a meeting between the leaders of both countries’ financial regulatory bodies, where they discussed potential collaboration agreements to enhance their crypto strategies.

Argentina, under the leadership of Bitcoin-supportive President Javier Milei, has also been proactive in regulating and experimenting with cryptocurrency, including passing new registration requirements for crypto firms in April.

The International Monetary Fund (IMF) has recently made significant headway in negotiations with El Salvador regarding a new fund-supported initiative aimed at strengthening the nation’s public finances, reinforcing bank reserve safeguards, and enhancing governance and transparency.

This initiative also tackles the challenges posed by El Salvador’s adoption of Bitcoin, striving to strike a balance between innovation and financial stability.

A preliminary agreement has been forged to increase El Salvador’s primary fiscal balance by about 3.5% of GDP over the next three years, incorporating measures such as optimizing public sector wages. The deal also seeks to enhance transparency and mitigate fiscal and financial risks associated with the Bitcoin project.

Although the IMF has previously expressed concerns over President Nayib Bukele’s policy of legalizing Bitcoin as tender, the tone of the recent discussions suggests a potentially more accommodating approach from the fund towards El Salvador’s cryptocurrency policy.

El Salvador’s adoption of Bitcoin as legal tender in September 2021 marked a significant milestone in the cryptocurrency’s history, positioning it as the first country to embrace a digital currency at a national level. This bold move aimed to foster financial inclusion, reduce remittance costs, and attract foreign investment by leveraging the decentralized nature of Bitcoin. Nearly 70% of El Salvador’s population lacks access to traditional financial services, and remittances — often from citizens working abroad — constitute a significant portion of the country’s GDP.

However, the transition has faced mixed reactions and significant challenges. International financial bodies like the IMF have expressed concerns over potential risks to financial stability and the volatility associated with Bitcoin. Economists and policymakers have debated the implications for inflation, regulatory compliance, and the impact on the country’s banking system.

Despite these hurdles, the Salvadoran government has continued to promote the integration of Bitcoin into everyday transactions and has even ventured into Bitcoin mining using geothermal energy from the country’s volcanoes. As this experiment unfolds, the global community watches closely, considering the potential and pitfalls of cryptocurrencies in national economies.

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