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El Salvador Prepares to Train 80,000 Officials on Bitcoin

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Teuta Franjkovic
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Key Takeaways

  • The government will train 80,000 civil servants in Bitcoin to enhance governance and promote its adoption.
  • Argentina is looking to El Salvador for guidance on Bitcoin adoption to address its economic challenges.
  • The IMF has made progress in discussions with El Salvador for a new financial program that addresses concerns about Bitcoin adoption while aiming to improve the country’s economy.

El Salvador is taking a major step forward in its quest to become a Bitcoin-friendly nation with the launch  of a nationwide training program aimed at certifying 80,000 government employees in the use of cryptocurrency.

The National Bitcoin Office-led initiative marks a major expansion of the country’s efforts to integrate Bitcoin into its economic and governmental systems and solidify its position as a hub for digital innovation.

El Salvador’s Bitcoin Training Program Aims to Enhance Governance

The “Certification in Public Administration 1” is a comprehensive 160-hour online course divided into seven modules designed to educate El Salvador’s civil servants about Bitcoin. The course covers vital areas such as the legal aspects of Bitcoin, strategic management, and the public policies associated with its use as legal tender.

The Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in August 2021, will conduct the training. The goal is to enhance the quality of governance in El Salvador through this specialized training.

Stacy Herbert, the director of the National Bitcoin Office (ONBTC), is optimistic about the program’s potential long-term benefits. She believes that educating civil servants about Bitcoin will multiply the positive effects on the national economy.

She stated :

“These education projects are long-term investments in the future success of El Salvador and its policies regarding Bitcoin and technology.”

This initiative is a key component of a broader strategy to develop a workforce proficient in Bitcoin, reinforcing El Salvador’s position as a leading nation in cryptocurrency adoption globally.

Argentina and El Salvador Explore Potential Bitcoin Collaboration

El Salvador’s pioneering efforts with Bitcoin have not only reshaped its public sector but also captured the attention of other nations, including Argentina. Facing its own economic struggles, Argentina is looking to El Salvador for guidance on cryptocurrency integration.

In May 2024, Argentina’s National Securities Commission (CNV) initiated talks with El Salvador’s National Commission of Digital Assets (CNAD) to discuss potential collaborations in cryptocurrency regulation and adoption.

During these discussions, Roberto Silva, the president of Argentina’s CNV, stressed the importance of building stronger relationships with El Salvador.

He indicated that future agreements could draw on El Salvador’s experiences with Bitcoin, especially as Argentina considers the cryptocurrency’s potential to stabilize economies plagued by hyperinflation.

As El Salvador continues to lead the way in Bitcoin adoption, its success is an inspiration and a model for other countries considering the benefits of digital currencies.

IMF Makes Progress on El Salvador Program

Recently, the IMF announced that it made considerable progress in discussions with El Salvador about a new fund-supported program designed to bolster the country’s public finances, enhance safeguards for bank reserves, and improve governance and transparency.

This program  also addresses concerns about El Salvador’s adoption of Bitcoin, focusing on balancing innovation with financial stability.

According to an official announcement, preliminary agreements have been reached to increase El Salvador’s primary balance by approximately 3.5% of GDP over the next three years, with strategies including optimizing public sector salaries. Additionally, the agreement aims to boost transparency and reduce potential fiscal and financial risks tied to the Bitcoin initiative.

While the IMF has previously criticized President Nayib Bukele’s decision to make Bitcoin a legal tender, citing various concerns, the tone of recent discussions indicates that the fund may be adopting a more receptive stance towards El Salvador’s cryptocurrency strategy.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.
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