El Salvador's Bitcoin office is celebrating "Bitcoin Day," marking the anniversary of the Bitcoin (BTC) legal tender law that took effect in September 2021.
The Bitcoin office emphasized in a post on X on Sunday that the country's Bitcoin strategic reserve currently holds 6,313 BTC, valued at over $702 million, as well as a new banking law that allows BTC investment banks to serve mature investors.
The government BTC agency also stated that by 2025, 80,000 public servants will have received Bitcoin certification, adding that El Salvador is now hosting multiple public Bitcoin and artificial intelligence education programs.
Although El Salvador is the first country in the world to adopt Bitcoin as legal tender and establish a strategic reserve, the government has rolled back its Bitcoin policy to comply with the loan agreement with the International Monetary Fund (IMF), a supranational financial institution.
The country's four-year Bitcoin experiment has produced mixed results, leading to divisions within the Bitcoin community regarding the outcomes of the first national-level Bitcoin adoption case.
In January, El Salvador's legislative body repealed the Bitcoin legal tender law and agreed not to use public funds to purchase additional Bitcoin as part of a $1.4 billion loan agreement with the IMF.
The government also agreed to reduce support for its Chivo Bitcoin wallet, which has limited use among the country's residents.
A report released by the IMF in July indicated that El Salvador has not purchased any new Bitcoin since signing the $1.4 billion loan agreement in December 2024, causing a stir in the crypto community.
The IMF report included a letter of intent signed by El Salvador's Central Bank President Douglas Pablo Rodríguez Fuentes and Finance Minister Jerson Rogelio Posada Molina, confirming that the government's BTC balance has not changed.
El Salvador's policy has faced criticism from some Bitcoin advocates and non-governmental organizations (NGOs), who argue that the BTC policy has benefited the government but has not helped ordinary residents of this Central American country.
Critics state that more educational initiatives are needed to fully realize the benefits of the world's first decentralized peer-to-peer electronic cash system and to promote adoption among local people rather than government entities and international companies.
Related: Brazil's largest asset management company Itaú Asset establishes a dedicated crypto department
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