El Salvador's big move
El Salvador’s Bitcoin Office announced that 80,000 civil servants will receive Bitcoin instruction and certification through an educational module of the Higher School of Public Administration Innovation (ESIAP) program. The module also includes training in the fields of cybersecurity, blockchain and artificial intelligence (AI), and provides a certificate in public administration.
The El Salvador Bitcoin Office is the body responsible for overseeing all Bitcoin-related projects.
Previously, President Nayib Bukele established ESIAP in August 2021, with the task of "strengthening public management through the implementation of training and research programs for all civil servants and public officials throughout the country."
The Bitcoin topic is part of the Public Administration Certification module, which has nine different modules that can be completed virtually and asynchronously in 160 hours. The seventh module includes the Bitcoin topic, which also includes other related topics such as blockchain, cybersecurity and artificial intelligence (AI).
Building a National Workforce That Accepts Bitcoin
ONBTC director Stacy Herbert expects that training civil servants will have a “compounding effect” on El Salvador’s Bitcoin-driven economy. She believes this and plans to announce more educational initiatives. She said:
“These educational programs represent a very low time preference commitment to the long-term success of El Salvador and its Bitcoin (and technology) policy.”
The Bitcoin certification campaign was initiated by the Higher School of Innovation in Public Administration (ESIAP), which was inaugurated in August 2021 by President Nayib Bukele.
According to ONBTC, also known as the “Office of Bitcoin,” the course is specifically designed to “enhance standards of excellence in governance and public administration in El Salvador.”
Establishing a “Bitcoin Bank”
El Salvador is set to see a new boom in bitcoin adoption after the government unveiled an initiative to reform the current banking law, introducing a new bank that will offer bitcoin and cryptocurrency services.
The bank bill, which has been submitted to the National Assembly's Science, Technology, Tourism and Investment Committee, includes 14 new articles defining the Private Investment Bank (PIB) as an "internationally important instrument for promoting economic development and facilitating the channeling of financial resources to commercial and government projects."
If the proposal is passed, it will allow the creation of these banks, which will provide different services, including economic risk management, purchase of financial products, investment management, hedging and other financial derivatives. These services will support any legal currency in El Salvador, such as the US dollar and Bitcoin.
In addition, the bill explicitly states that stablecoin-based instruments are supported, opening the door to cryptocurrency-based investment vehicles. Nevertheless, the requirements for launching a PIB are very strict: these companies should have a capital of $50 million at the time of their establishment.
Argentina Learns from El Salvador’s Bitcoin Adoption
The financial success of Bitcoin adoption in El Salvador has caught the attention of other hyperinflationary economies.
In May, the Argentine government began working with El Salvador to learn from its experience in adopting Bitcoin and other cryptocurrency activities.
Argentina’s securities regulator, the National Securities Commission (CNV), has met with El Salvador’s National Digital Asset Commission (CNAD) to discuss cryptocurrency adoption and regulation in both countries.
During the meeting, CNV Chairman Silva said:
“We want to strengthen our ties with the Republic of El Salvador, therefore, we will explore the possibility of signing a cooperation agreement with them.”
Additionally, Argentina recently passed registration requirements for cryptocurrency companies in April and has been actively experimenting with cryptocurrencies since Bitcoin-friendly politician Javier Milei became Argentina’s president in late 2023.
