‘The Bitcoin Standard’ Author Appointed As El Salvador’s Economic Advisor
On May 30, El Salvador’s National Bitcoin Office (ONBTC) confirmed the appointment of Saifedean Ammous, the man behind the famous hallmark book “The Bitcoin Standard, as the new economic advisor. The ONBTC updated the Twitter community on Tuesday that the author will engage in advanced dialogue with the Salvadorian policymakers.
The ONBTC tweeted that the regulatory agency anticipates that the meeting between Ammous and legislative bodies would yield positive outcomes. In the tweet, the ONBTC team applauded the author for being appointed to the new role.
Role of Economic Advisor
Speaking at an interview with a local newsroom, the director of ONBTC, Stacy Herbert, stated that Ammous would work as the economic advisor remotely. Herbert reviewed Ammous’ employment contract, which outlines a strategic economic advisor’s core duties and responsibilities.
Under Ammous new employment contract, he is required to advise the El Salvador president Nayib Bukele to attain the country’s Bitcoin objective. Ammous is required to comment on the proposal issued by President Bukele concerning the establishment of the Bitcoin City. Also, Ammous must add valuable input to support El Salvador in becoming a crypto hub.
Herbert confirmed that El Salvador has a growing crypto-native community that supports the country’s long-term objective.
El Salvador Hires Saifedean Ammous as Economic Advisor
Elsewhere the author was interviewed by the news team from Diario El Salvador concerning his appointment. In a review of the interview question, the interviewers demanded Ammous to provide a detailed report on the current Bitcoin strategy adopted in El Salvador.
Also, they demanded to know the changes that Ammous intends to implement in his new role. Responding to the interviewer, Ammous proclaimed that the Bitcoin country would be debt free in the next five to ten years. He is optimistic that El Salvador will become an innovation hub in the coming days.
Ammous also commented on the current initiatives led by the Salvadorian pro-crypto president. He stated that President Bukele’s latest proposal on tax elimination for tech firms had created an attractive business environment.
Unlike other countries planning on increasing government revenue through crypto taxes, Ammous applauded President Bukele for the commendable achievement.
Even though Ammous failed to mention the above countries, it was evident that the UK, Portugal, US and Italy were among the nations planning to impose crypto taxes. In a separate document issued by The National Bitcoin Office, it was observed that Ammous had volunteered to work for free.
The report stated that the Australian economist would work closely with President Bukele as his advisor. In the meantime, El Salvador has hosted CUBO+, a tech program that educates Salvadorians with crucial information on Bitcoin and the Lightning network.
Analysis of Crypto Adoption in El Salvador
The CUBO+ event has attracted many investors, businesses and regulatory agencies. Ammous was among the CUBO+ participants who provided valuable insights concerning the program. He confessed that the CUBO+ program offered the attendees a great experience.
The book author believes that through the program, El Salvador would have a rising tech-savvy community in future. He added that the skills and knowledge equipped the participant with relevant skills to harness competence.
Reportedly in 2018, Ammous launched his first book, which examined the impact of the shift from physical stores of currency value to fiat currencies. The book provides the reader with a brief history of money and explores different development that has affected the monetary system.
In 2022 the President Bukele administration, including Stacy Herbert and his counterpart Max Keiser launched the National Bitcoin office. After the launch of the El Salvador Bitcoin office, the regulators agreed that the new office would be used to support the expansion of the crypto sector.
In 2021, El Salvador adopted Bitcoin as a legal tender, enabling the country to invest in the growth of cryptos. Last year the Salvadorian regulatory agency launched the first Bitcoin bond and the legal structure for BTC traders.
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