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El Salvador actively promotes Bitcoin adoption and collaborates with crypto firms.
Ocean establishes a Bitcoin mining center in San Salvador.
El Salvador engages with influential investors to boost economic reforms.
El Salvador has been actively promoting the adoption of Bitcoin recently and is connecting with leading crypto firms and nations interested in crypto assets. This renewed effort is part of the country’s ongoing strategy to position itself as a global leader in the crypto currency space.
An Important Step for Bitcoin
A significant development in this initiative was the establishment of a Bitcoin mining center in El Salvador by Ocean, a Bitcoin mining pool supported by Block founder Jack Dorsey.
The new entity, named Ocean Mining S.A. de C.V., will be headquartered in the country’s capital, San Salvador. According to the company, this center will support the global decentralization of Bitcoin mining. Ocean’s co-founder and CTO Luke Dashjr highlighted El Salvador’s pioneering role, emphasizing the country’s forefront position in the adoption of Bitcoin and Bitcoin mining.
Ocean’s president Mark Artymko noted that El Salvador’s positive political stance on Bitcoin sharply contrasts with other countries like Venezuela and some EU nations that have imposed bans on Bitcoin mining. This supportive environment is seen as a key factor in attracting crypto-related businesses and investments to the country.
El Salvador Engages with Leading Figures Worldwide
In addition to fostering relationships with crypto firms, El Salvador is also in contact with influential figures in the investment world. Recently, ARK Invest CEO Cathie Wood visited El Salvador and met with President Nayib Bukele.
During their discussions, they explored plans to leverage Bitcoin and artificial intelligence to support Bukele’s economic and educational reforms. Wood expressed optimism about these initiatives, suggesting they could significantly boost the country’s GDP.
El Salvador’s efforts to collaborate on Bitcoin adoption have also reached an international scale. This week, officials from the Argentine National Securities Commission (CNV) met with their counterparts from El Salvador’s National Digital Assets Commission (CNAD). The discussions focused on El Salvador’s experience with Bitcoin as a legal tender and the potential for cooperation between the two countries. Argentine CNV President Roberto E. Silva praised El Salvador’s leadership in crypto assets and expressed interest in strengthening ties with the country.
The Country’s Bitcoin Journey
El Salvador’s journey with Bitcoin began in 2021 when it became the first country to accept the cryptocurrency as legal tender. Since then, President Bukele has been accumulating Bitcoin, and the country’s holdings are now approaching $400 million at current prices. This move has further embedded Bitcoin into the national economy, attracting a wave of crypto-focused tourists and investors.
Despite the enthusiasm of the government and certain segments of the population, the broader local adoption of Bitcoin has been limited. For instance, in 2023, only 1% of remittances to El Salvador were made using cryptocurrency. Additionally, international organizations like the World Bank and IMF have criticized El Salvador’s Bitcoin strategy, citing concerns over financial stability.
