El Salvador is set to continue its strategic purchases of Bitcoin (BTC) despite its recent agreement with the International Monetary Fund (IMF). Stacy Herbert, the director of the country’s Bitcoin Office, confirmed that El Salvador will maintain Bitcoin as legal tender alongside the US dollar and will continue to add to its reserves. With 5,968 BTC currently in its possession, valued at approximately $594 million, El Salvador is positioning itself as a global hub for crypto innovation.
The government is committed to integrating Bitcoin into its financial and educational systems, with plans to attract global investment. Recent initiatives include the tokenized issuance of US Treasuries on the Liquid Network in collaboration with NexBridge. Herbert hinted at upcoming announcements related to capital markets initiatives tied to Bitcoin.
In terms of education, El Salvador is expanding its Bitcoin-related programs. The government aims to introduce Bitcoin workbooks for grades 2 and 3 students by January 2025, in addition to ongoing developer training and high school courses through programs like “Mi Primer Bitcoin” and Node Nation. The ESIAP initiative continues to offer a certification program for 80,000 civil servants.
El Salvador is also revamping its digital wallet ecosystem by planning to sell or shut down the state-backed Chivo Wallet while allowing private Bitcoin wallet services to thrive.
Despite closing a $1.4 billion financing deal with the IMF on Dec. 18, which included stipulations to scale back certain Bitcoin policies, El Salvador remains committed to its status as a leader in crypto adoption. The IMF agreement requires tax payments to be made in US dollars and makes the acceptance of Bitcoin by private businesses voluntary.
While the deal with the IMF introduces new restrictions, President Nayib Bukele’s administration is determined to maintain El Salvador’s position as a pioneering jurisdiction for crypto adoption.
The country’s focus on innovation and integration of Bitcoin into various sectors highlights its dedication to becoming a key player in the evolving landscape of digital currencies. With ongoing efforts in education, finance, and regulation, El Salvador is solidifying its role in the global crypto community.