The National Board of Bitcoin (ONBTC), the Salvadoran government department responsible for managing the country’s crypto projects, has announced that Dr. Saifedean Ammous, author of the book ”The Bitcoin Standard”, now serves as an advisor economy in El Salvador. As a reminder, Dr. Ammous is the author of a book that covers the economic theory and history of bitcoin, the largest digital currency in the world.
El Salvador now benefits from the expertise of a Bitcoin economic adviser
Dr. Ammous, a successful Palestinian economist and author of the popular work ”The Bitcoin Standard” is now a member of the National Bitcoin Office in El Salvador as an economic adviser. On May 30, the economist announced it via a tweet.
Created shortly after the collapse of FTX during November 2022, the ONBTC is responsible for designing, diagnosing, programming, organizing, coordinating, monitoring, measuring and evaluating all bitcoin-related plans, projects and programs for the economic development of El Salvador.
According to the government office, Dr. Saifedean Ammous had participated in CUBO+, the state of El Salvador’s bitcoin educational program, the purpose of which was to teach the code and concepts of digital currency and the Lighting Network to students.
A decision that marks El Salvador’s commitment to Bitcoin
The recruitment of Dr. Ammous underscores the country’s desire to use the world’s largest cryptocurrency to strengthen its economy. In September 2021, El Salvador became the first country in the world to adopt BTC as legal tender.
Simply put, cryptocurrency can be used alongside official currency for various financial transactions, such as purchases of goods and services, payment of claims, and settlement of debts.
However, this decision was not well received by certain economic organizations, in particular by the IMF (International Monetary Fund). The organization has also advised El Salvador to abandon the idea of making bitcoin (BTC) a legal tender, citing economic risks. As expected, the Salvadoran state ignored the caveats of the financial structure.
To support the Salvadoran State in its initiative, Dr. Ammous supports the idea that El Salvador can free itself from its national debt by strategically accumulating bitcoin (BTC) for the next five years.
Moreover, according to the office department, the author refused any remuneration for his post and only wishes to support the Bitcoin policy of President Bukele.
The economist points out that the limited supply of this cryptocurrency and its potential for appreciation make it an asset to absolutely hold. By adopting it as legal tender, El Salvador can therefore take advantage of its potential benefits, including attracting more investors, increasing financial inclusion and lowering transaction costs.
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