3 months ago
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80,000 civil servants in El Salvador are set to benefit from Bitcoin training through a program run by the country’s Bitcoin Office.
The government of El Salvador will provide Bitcoin training to civil servants and issue corresponding certificates. Through the National Bitcoin Office (ONBTC), El Salvador plans to train and certify 80,000 civil servants.
The government’s aim is to teach its workers about public policies and other aspects of Bitcoin. According to reports, the training will be a series of virtual sessions that will last 160 hours. Employees will learn skills, laws, and management information related to Bitcoin and its application as legal tender. The training is divided into six modules.
In an X post, ONBTC director Stacy Herbert highlighted a few Bitcoin initiatives the Salvadoran government has embarked on, including introducing educational Bitcoin programs. In a follow-up post, Herbert hinted at forthcoming Bitcoin initiatives.
“This truly is just the beginning. For we have yet another major announcement to make soon on education that will make you go WOW! These education projects are … commitments to the long term success of El Salvador and its Bitcoin (&tech) policy,” she wrote.
El Salvador has been very bullish on Bitcoin since it officially made the asset legal tender. The country seems committed to buying 1 BTC everyday, a plan it first announced back in November 2022. In March, Salvadoran President Nayib Bukele revealed the cold wallet that holds the country’s Bitcoin. According to data tracker BitInfoCharts, the wallet has received 1 BTC every day since then.
ARK Invest CEO Cathie Wood is optimistic about El Salvador and its dalliance with Bitcoin. Following a meeting with President Bukele in May, she expressed her bullishness about the likelihood of the country’s GDP spiking 10x by 2029. On X, Wood wrote that El Salvador’s GDP is around $30 billion, with an average monthly income of $450. 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 “scale 10-fold during the next five years”.
In addition to buying BTC and imparting knowledge, El Salvador also mines Bitcoin. As of May, the country has mined about 474 Bitcoin, equal to $29 million at the time. Also, the ONBTC reported that El Salvador’s Bitcoin reserves had 5,750 BTC, worth $354 million at the time. El Salvador is mining Bitcoin using its volcano-fueled geothermal power plant as an eco-friendly way to produce the crypto.
Despite the President’s belief in Bitcoin, citizens may not be as enthused. According to a survey conducted by José Simeón Cañas Central American University, 12% of the country’s residents used Bitcoin at least once in 2023 as a means of payment. Unfortunately, this is a more than 50% reduction from the 24.4% reported by the university in 2022.
The survey notes that in 2023, 49.7% (nearly half) used Bitcoin a maximum of three times, while 20% used Bitcoin at least 10 times. The highest category was grocery shopping, with 22.9% of respondents, and supermarkets at 20.9%. Interestingly, 15% of the respondents used Bitcoin for payment at veterinary payments.
