One month has passed since the new Bukele government and the promises about Bitcoin are still absent

It has been a month since President Nayib Bukele took over the reins of El Salvador for the second time. In that time, Bitcoin policy in that nation has had practically no prominence, since many of the tasks of the new government in this regard remain unfulfilled.

To date, El Salvador’s Bitcoin Bonds have not yet been issued. Although the National Bitcoin Office (ONBTC) has promised future announcements in this regard, this is a matter that remains in the hands of Bukele and only he will decide. when these financial instruments will finally be launched on the market.

As a consequence, the construction of Bitcoin City remains a mystery in El Salvador. This, since it depends entirely on the issuance of the also called Volcano Bonds.

So far, the only thing that has moved around this futuristic and tax-free city is the approval of 290 bitcoins to continue with the construction of the Pacific International Airport. This airport terminal It will take place near where, at some point, the Bitcoin metropolis will existwhich was first promised in 2021, when El Salvador legally adopted BTC.

Amid the uncertainty surrounding the construction of this city, Corbin Keegan, the first inhabitant of Bitcoin City, returned to his native country (although he promised to return to El Salvador at the end of the year).

Beyond the Bitcoin City issue, in a month of new government in El Salvador, education about Bitcoin It has not had much notoriety either. Although scholarships were recently awarded to three students to travel to Lugano, Switzerland, to learn about this technology, what Bukele promised in his first government regarding Bitcoin education seems to be still far from being realized.

All of the above, There are skeptical bitcoiners in El Salvador. Enthusiasts who consider that, in almost 3 years since the Bitcoin policy was established in that country, no certain steps have yet been taken. That is why they recommend that President Nayib Bukele replace his expert advisors on this matter, the bitcoiners Stacy Herbert and Max Keizer.

In contact with CriptoNoticias, the Salvadoran programmer, bitcoiner and critic of the Bukele government, alias Ishi Kawa, asserted that “the government should change the Bitcoin ‘expert’ advisors it surrounds itself with.”

As you see, what the work of these advisors has yielded in the last three years has not been up to parwhich means that there is “no capacity or no interest” in promoting Bitcoin policy and making it mainstream as it should be.

Bukele’s Bitcoin advisors, including Stacy Herbert, Max Keiser, Saifedean Ammous and other bitcoiners, make up the National Bitcoin Office of El Salvador (ONBTC). This entity was created in November 2022 and has the objective of supervising and designing the BTC-related projects carried out in that country.

Among those projects Several educational initiatives are highlighted, such as CUBO+ or Node Nation SV, which are sponsored by the Bukele government. These programs are aimed at teaching the country’s student population about Bitcoin and its technology. This, remembering that BTC is legal tender in that nation and that the bitcoiner policy will remain in place for 5 more years.

Now, for Ishi Kawa, what has been done since the Bukele government in favor of the Bitcoin ecosystem has not been enough. He suggests, instead, that the first mandate leaves a lot to be desired and warns that he does not have good expectations for the second period.

“Based on reality, on what I have seen in almost 3 years, after the implementation of the Bitcoin Law in El Salvador, I can say that my expectations about what the government can do in the second term to improve opportunities related to Bitcoin are very low,” he warned.

He indicated that, like him, “many (Salvadoran bitcoiners) have become disillusioned” with the reality of Bitcoin in El Salvador, “which is far from the propaganda and false advertising” that is broadcast by the Bukele government.

Following the recommendation of Salvadoran developer Ishi Kawa to replace President Bukele’s current Bitcoin advisors, CriptoNoticias attempted to contact Keiser and Herbert. However, There were no responses by the time this report was published.

“They are doing a good job”

Now, what Ishi Kawa says is not everyone’s voice. There are those who claim that the Bukele government is on the right track in its bitcoin policy and that is making every possible effort to massify the adoption of this digital asset among the country’s inhabitants.

This is the case of John Dennehy, the director of the Salvadoran educational organization Mi Primer Bitcoin. In conversation with CriptoNoticias, he assured that Bukele’s administration has led to “many advances in Bitcoin education”something that is demonstrated by comparing the level of awareness about BTC that existed in that country in 2021 and the one that exists currently.

For him, the learning curve on Bitcoin is “steep” in El Salvador, which is “more accurate” than “simply pointing out the shortcomings” of the Bukele government’s Bitcoin policy.

“I think the government is on the right track in that regard, both in its own initiatives and in creating a friendly environment to facilitate more grassroots efforts,” Dennehy said.

Although he acknowledges that “there is still a lot of work to do,” he maintains that an entire nation well educated about Bitcoin “would be a big thing.” This, remembering that the objective of BTC in El Salvador is for people to “have more control of their own lives.”

“Because having more control over your own life encourages you to look more into the future and gives you the incentive to build and create,” Dennehy said.

«There is no seriousness in the promoters of Bitcoin Bonds«

For his part, Ishi Kawa spoke about the controversial Bitcoin Bonds, the financial instruments that are expected to be issued at some point by the Salvadoran government, which will also mark the beginning of the construction of Bitcoin City.

According to the programmer, the so-called Volcano Bonds have lost the interest of users and investors since they were announced, almost three years ago.

This is because “There is no seriousness behind the promoters of Bitcoin Bonds”, indicates the specialist. Who adds as another factor of disinterest in these investment vehicles, the need to comply with the know-your-customer (KYC) protocol to access them.

It should be remembered that the Bitcoin Bonds of El Salvador are part of the promises that he failed to keep President Bukele during his first term. Something that has been questioned by the community, since there is the necessary jurisprudence for the issuance of these financial products.

It was thought that the Bukele government would finally issue the Volcán Bonds in the first quarter of 2024, because the National Bitcoin Office, headed by Max Keiser and Stacy Herbert, announced this at the beginning of this year.

However, several months have already passed since the promised period. and there is no trace of the Bitcoin Bonds anywhereThere are, however, traces of other types of tokenized debt bonds that have been issued in El Salvador, under the auspices of the government.

The uncertainty surrounding the arrival of Volcano Bonds increases when we remember that, without these vehicles, there will be no Bitcoin City, the state-of-the-art, tax-free city promised by Bukele in 2021. The creation of this metropolis will be financed with the proceeds collected from the bondsestimated to be around USD 1 billion.

Challenges in Bukele’s second term

According to Ishi Kawa, Bukele’s second term, which began exactly one month ago, could present different complications and challenges for the development of the Bitcoin ecosystem.

He identifies as possible future complications the lack of education about Bitcoin, the absence of BTC collection infrastructure and the lack of training of businesses on this asset.

Added to this is the lack of integration of the Bitcoin ecosystem with the country’s economic actors. Among them, banks, companies and service providers.

Although it’s not too late yet. John Dennehy, from Mi Primer Bitcoin, recalls that the imminent bitcoin bull market “will generate attention and curiosity” for this currency in El Salvador “probably more than anywhere else.” This, he assures, will encourage the integration and arrival of “many ways to buy, sell and spend BTC throughout the country.”

For Dennehy, BTC adoption is likely to accelerate rapidly in El Salvador over the next 18 months, noting that “there are a lot of things going on” in the country at the moment.

However, he acknowledges, “there are dangers.” Among them, fraud and scams that they will exploit “a population interested, but without education about bitcoin.”

In essence, the attacks against bitcoin users in El Salvador are part of the challenges that Ishi Kawa identifies for the new Bukele government, which began on June 10. Challenges that, as suggested by the developer, Bukele must face the hand of new advisors given the poor results of the current team.

Bukele has five years ahead of him, in which it is estimated that Bitcoin policy will continue to be his banner. But it will be a matter of management and administration by the new government. ensuring that the ecosystem is maintained and lasts in your country. Something that, sometimes, is achieved after listening to the opposite.