Key Points
- El Salvador’s government is launching a Bitcoin training and certification program for 80,000 civil servants.
- The country continues to show commitment to Bitcoin, buying 1 BTC daily and using geothermal energy to mine the cryptocurrency.
El Salvador’s government is embarking on a mission to educate its civil servants about Bitcoin. Through the National Bitcoin Office (ONBTC), the country plans to provide Bitcoin training to its civil servants and issue them with certification. The target is to train and certify 80,000 civil servants.
Bitcoin Training Program
The program aims to teach public servants about public policies and other aspects of Bitcoin. The training will be conducted via virtual sessions that will last 160 hours, divided into six modules. The participants will learn skills, laws, and management information related to Bitcoin and its application as legal tender.
Stacy Herbert, the director of ONBTC, has highlighted several Bitcoin initiatives the Salvadoran government has embarked on, including educational Bitcoin programs. Herbert also hinted at future Bitcoin initiatives, emphasizing the government’s commitment to the long-term success of Bitcoin in El Salvador.
El Salvador’s Commitment to Bitcoin
El Salvador has shown a strong commitment to Bitcoin since it officially recognized the asset as legal tender. The country has been buying 1 Bitcoin every day, a plan it first announced in November 2022. Data tracker BitInfoCharts reports that the country’s cold wallet has been receiving 1 Bitcoin daily since the announcement.
ARK Invest CEO Cathie Wood expressed optimism about El Salvador’s adoption of Bitcoin following a meeting with President Nayib Bukele. She believes that with the President’s determination to turn the country into “an oasis for the Bitcoin and AI communities,” the country’s GDP could significantly increase in the next five years.
El Salvador is also mining Bitcoin using its volcano-fueled geothermal power plant, an eco-friendly way to produce the cryptocurrency. As of May, the country had mined about 474 Bitcoin, equivalent to $29 million at the time. The ONBTC reported that El Salvador’s Bitcoin reserves were 5,750 BTC, worth $354 million at the time.
Despite the government’s enthusiasm, the citizens may not share the same level of excitement. A survey conducted by José Simeón Cañas Central American University revealed that only 12% of the country’s residents used Bitcoin at least once in 2023 as a means of payment. This is a significant drop from the 24.4% reported in 2022.
The survey also revealed that in 2023, nearly half of the respondents used Bitcoin a maximum of three times, while 20% used Bitcoin at least 10 times. The most common use of Bitcoin was for grocery shopping, with 22.9% of respondents, followed by supermarkets at 20.9%. Interestingly, 15% of respondents used Bitcoin for veterinary payments.
