El Salvador Showcases The Success Of Bitcoin Investment To The Chinese Ambassador

El Salvador has successfully invested in Bitcoin. (Photo; Doc. Newsbit)

JAKARTA - In a diplomatic meeting that took place on December 23, El Salvador's Vice President Félix Ulloa highlighted the country's success in utilizing Bitcoin as a driver of economic growth.

The meeting, which was attended by Chinese Ambassador Zhang Yanhui, discussed strengthening bilateral relations and project development to improve digital connectivity and economic infrastructure for China and El Salvador.

Ulloa explained El Salvador's financial achievements, including state reserves that have surpassed 500 million US dollars (Rp8.1 trillion). He gave an award to the Bitcoin Office, led byung Herbert under President Nayib Bukele's administration, for his contribution to this achievement.

Several strategic initiatives were also disclosed, including the El Salvador Vuela project for the modernization of national aviation infrastructure, as well as the Cable Submarine which aims to improve digital connectivity through the submarine cable network.

These projects are supported by the Latin American and Caribbean Development Bank (CAF) and designed to strengthen El Salvador's position as a technology and connectivity center in the Central American region.

In addition, Ambassador Zhang Yanhui delivered a personal letter from Chinese Vice President Han Zheng, marking the continuation of diplomatic dialogue between the two countries. Ulloa praised China's support in various development projects, which he said had brought significant progress in the economic landscape and technology of El Salvador.

Since adopting Bitcoin as legal tender in September 2021, El Salvador has accumulated more than 6,000 BTC, which is currently worth around $560 million.

Despite the pressure from the International Monetary Fund (IMF) to reduce some Bitcoin-related projects, such as the Chivo digital wallet, the government remains firm on their Bitcoin strategy. El Salvador's National Bitcoin office even indicated it would accelerate the purchase of Bitcoin as a long-term asset that supports economic diversification.