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- 1 Bitcoin Standard author Saifedean Ammous joins El Salvador as an advisor to the President
- 2 Author Ammous believes the country will be debt free in the next 5-10 years
- 3 Ammous will not charge anything for his role as advisor to the President
The tweet stated that when the author of the Bitcoin Standard meets the leader of the Bitcoin country, then great things are bound to happen.
Addition of Saifedean to ONBTC
Director of ONBTC, Stacy Herbert told one of the media houses that the addition of Saifedean as a remote advisor to the team is to advise the President as the Bitcoin country grows rapidly.
The local newspaper Diario El Salvador spoke with the Austrian Economist where he explained his views on the country’s current strategies and what he will be offering at the table.
Ammous while speaking to the local newspaper explained how he thinks the country will be free of its debts in the next 10 years and how it can foster growth and be a hub for innovation.
Ammous explained how President Nayib Bukele’s policy of zero tax for technological companies is a huge attraction, especially at a time when other countries are doing quite the opposite of it.
Although the economist didn’t name “those nations” but could be indirectly hinting at the recent crypto talks that happened in the United States, The United Kingdom, Portugal, and Italy.
Reports from the National Bitcoin office have revealed that Ammous has requested the organization not to pay him anything for his role as an advisor to the President.
The author was in El Salvador for an event named CUBO+. CUBO+ is an event that aims to teach interested Salvadorians the coding behind Bitcoin and the lightning network.
The author white talking to Diario EL Salvador said that such programs are great initiatives and developing competencies in Bitcoin programming can help the younger generation in the future.”
El Salvador to Issue Bitcoin Bonds
President Nayib Bukele created El Salvador’s National Bitcoin Office last year in co-existence with Bitcoiners Stacy Herbert and Max Keiser. The national Bitcoin office maintains all matters related to cryptocurrency through El Salvador’s Decree n.49.
The country launched Bitcoin as a legal tender in 2021 and has been leading the way in its national cryptocurrency strategy. They also launched Bitcoin Bonds last year.
The planned bonds by El Salvador are planned to be denominated in the US dollar with a maturity of 10 years. Reports reveal that those bonds will carry an annual interest rate of 6.5%.
The Bitcoin-backed coins will be known as Volcano Bond. Two major uses of the bond will be to pay off government debt and use it to build the proposed “Bitcoin City”.
There have been mixed reports regarding Bitcoin adoption by the small Central American country.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
