El Salvador is set to continue and potentially ramp up its acquisition of Bitcoin (BTC) despite a recent agreement with the International Monetary Fund (IMF), as per Stacy Herbert, the director of the country’s Bitcoin Office.
Herbert confirmed that Bitcoin will remain legal tender alongside the US dollar, with the government planning to bolster its strategic reserves. Currently holding 5,968 BTC valued at around $594 million, El Salvador aims to establish itself as a global center for crypto innovation.
In addition, the government remains steadfast in its commitment to integrating Bitcoin into various financial and educational systems, while also seeking to attract international investment. Recent advancements include the tokenized issuance of US Treasuries on the Liquid Network in partnership with NexBridge, with more capital markets initiatives related to Bitcoin on the horizon.
On the educational front, El Salvador is expanding Bitcoin-related programs. Plans are underway to introduce Bitcoin workbooks for students in grades 2 and 3 by January 2025, in conjunction with ongoing developer training and high school courses under “Mi Primer Bitcoin” and Node Nation initiatives. A certification program under the ESIAP initiative is also ongoing to train 80,000 civil servants.
The country is also revamping its digital wallet ecosystem by considering the sale or closure of the state-operated Chivo Wallet, while fostering the growth of private Bitcoin wallet services.
Despite closing a $1.4 billion financing deal with the IMF on Dec. 18, which urged caution in Bitcoin exposure, El Salvador views the agreement as a crucial financial lifeline. The deal comes with conditions, including a requirement for tax payments to be made in US dollars and new legislation making Bitcoin acceptance by private businesses optional.
While the IMF agreement imposes restrictions on Bitcoin usage, President Nayib Bukele’s administration remains resolute in maintaining El Salvador’s pioneering stance in crypto adoption.
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