| WHAT IS KNOWN | WHAT IS UNKNOWN |
|---|---|
| A trust fund of $150 million was created In parallel with the enactment of the Bitcoin Law, lawmakers approved the creation of a $150 million trust fund in 2021, a fund intended to support cryptocurrency transactions. | Total expenditure on the implementation of Bitcoin. Despite some information being known due to tweets by President Bukele, the actual and total expenditure incurred in implementing Bitcoin remains a mystery to the population. |
| The government allocated up to $120 million for Chivo bonuses. At one point, President Bukele stated on Twitter that up to 4 million Salvadorans had registered with Chivo Wallet, which means that up to $120 million in $30 welcome bonuses were distributed. | Details about how the trust fund is managed The relationship between Bandesal and Chivo S.A. de C.V., as well as how the trust fund is managed, is something unknown, and Bandesal has actually declared these details as confidential information. |
| Thousands of bitcoins have been purchased with public funds. On several occasions, the President has reported on the purchase of bitcoins with public funds. In November 2022, he announced that the country would be buying one Bitcoin daily, resulting in a total expenditure of over $121 million. | Ownership of the bitcoins purchased by the government In addition to the opacity surrounding the trust fund, there is also no information available about how the government acquires this crypto asset. It is also unknown who carries out the purchases and in which virtual wallet the bitcoins are stored. |
| Bitcoin has had low acceptance among the population. An undeniable fact is the low acceptance of Bitcoin among Salvadorans, something that can still be considered positive as its limited usage has not caused significant losses for users. | Launch of the Bitcoin bonus and the construction of Bitcoin City. The construction of Bitcoin City and the issuance of Bitcoin Bonds were big news in November 2021. However, to date, there is no new information or details about when these projects will be realized. |
The most important question is: What is coming for the future?
TRANSPARENCY, we know that the government is doing its efforts to make bitcoins as legal tender more transparent. This is one of the keys to make the population trust in the project and Crypto. Being a third world country, Salvadorans hesitate when need to invest, it is estimated that 84% of the population earns less than USD 391 per month (Source:https://www.elsalvador.com/noticias/negocios/salario-minimo-canasta-basica-empleo-y-desempleo-trabajo-agricola-domestico-inflacion-/1053022/2023/) Sorry the source is in spanish, can use auto translation to get an idea of the content.
EDUCATION 1: 2 months ago the government launched a pilot program in 2 schools to check if the implementation as mandatory course in the school was doable. The pilot program was a success, making the ministry of education to extent the program to 75 school by 2024, and as a goal the whole education system starting from elementary school will have Bitcoin/Crypto courses in the school, this is a huge step, since in latin america (I dont know the rest of the world) there is nothing related to financial education. With this, we can see that the government is aiming in a long term project, preparing the future generations for the use basics of bitcoin.
EDUCATION 2: This year started CUBO+, which is a training program for university students, with the aim of training developers for cryptocurrency and the Lightning network. The first batch graduated 21/50 students, most of the instructors are foreigners specialized in Crypto, specialy in Bitcoin. We must mention that this courses are co-sponsored by Tether and Fulgur Ventures, providing full scholarship to those who meet the requirements.
Something really important to mention is even tho the implementation wasn't made with the best planification, the government is rectifying its path, specially during 2023 that is when we really seen the government doing changes and specially promoting education.
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