El Salvador Launches Ambitious Bitcoin Training for 80,000 Public Servants in Major Economic Overhaul

August 22, 2024
El Salvador Launches Ambitious Bitcoin Training for 80,000 Public Servants in Major Economic Overhaul
  • El Salvador's National Bitcoin Office (ONBTC) has launched a comprehensive Bitcoin training and certification program aimed at 80,000 public servants.

  • This initiative includes a 160-hour certification program designed to enhance governance and build a Bitcoin-ready workforce within the government.

  • Managed by the ONBTC, the program is part of a broader national strategy to fully integrate Bitcoin into the country's economy and governance.

  • As part of its Bitcoin strategy, the Bukele administration is employing a dollar-cost-averaging strategy to acquire Bitcoin, currently holding approximately 5,848 BTC valued at about $348 million.

  • Despite initial skepticism, El Salvador's Bitcoin strategy is gaining traction, with the International Monetary Fund (IMF) acknowledging that anticipated risks have not materialized.

  • Participants in the training will complete nine modules covering Bitcoin, Blockchain, Cybersecurity, and Artificial Intelligence, receiving certification upon completion.

  • The program is conducted by the Higher School of Innovation in Public Administration (ESIAP), which was established by President Nayib Bukele in 2021.

  • Stacy Herbert, director of ONBTC, believes that training civil servants will create a 'compounding effect' on the Bitcoin-driven economy of El Salvador.

  • This training initiative builds on previous efforts to promote Bitcoin education, which has been integrated into the public school curriculum since Bitcoin was adopted as legal tender in 2021.

  • El Salvador is also making significant infrastructural investments to support its Bitcoin strategy, including a recent $1.6 billion investment from Turkey's Yilport Holding to modernize seaports.

  • Additionally, El Salvador is exploring the use of Bitcoin for international trade settlements to enhance its geopolitical position.

  • El Salvador's successful Bitcoin adoption has attracted interest from countries like Argentina, which is looking to learn from its experiences amid its own economic challenges.

Summary based on 4 sources


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