As El Salvador dives deeper into the Bitcoin movement, several proponents of the leading cryptocurrency have supported the country. Saifedean Ammous, the author of the best-selling book on Bitcoin, is one of them.
He has just taken up the role of economic advisor to the National Bitcoin Office of El Salvador. While taking up the role, Ammous turned down any remuneration.
Ammous Supports El Salvador’s Bitcoin Movement
Last week, Ammous traveled to El Salvador to coach students of the recently launched empowerment program for Bitcoin and Lightning developers in the country called CUBO+. The country’s National Bitcoin Office powers the program.
In an interview with El Salvador’s president Nayib Bukele, Ammous, who is also a renowned economist, voiced his support for the growth of El Salvador as a center for Bitcoin adoption. He acknowledged that El Salvador’s move to adopt Bitcoin as a legal tender has led to a reduced crime rate and an increase in revenue and tourism.
When asked about the El Salvadoran government’s decision to use Bitcoin as a reserve and the issuance of a Bitcoin bond, Ammous stated:
“[El Salvador can] potentially [become debt free]. It’s definitely a possibility, not this year maybe, but in five or ten years. What makes bitcoin unique is that it gives you the opportunity to have a strong asset that does not depreciate over the years.”
El Salvador’s Bitcoin Journey Continues
Despite backlash from other countries, El Salvador has remained committed to growing itself as a hub for technological advancement and innovation.
Earlier this year, El Salvador passed a bill approving the issuance of a $1 billion Bitcoin bond, which will be used to finance the construction of a crypto-powered city and the purchases of Bitcoin.
In a recent report, the country defied all odds by signing a law that abolishes taxation on technological innovations. The law cuts across software and app programming, artificial intelligence (AI), computers, and communications hardware manufacturing.
