During a meeting with China’s ambassador, El Salvador’s vice president underscored the significant contribution of bitcoin to the country’s economic expansion, while also stressing the importance of collaborative efforts with China to drive forward innovative digital infrastructure initiatives.
El Chinese delegation is in discussions with El Salvador focusing on the country’s Bitcoin wealth.
Last week, the Office of the Vice President of El Salvador shared on the social media platform X that Vice President Félix Ulloa praised the achievements of the country’s bitcoin initiative during a meeting with Chinese Ambassador Zhang Yanhui.
On December 23, a meeting took place with the aim of fortifying relations between boost digital integration and stimulate economic expansion. The talks concentrated on upgrading the country’s infrastructure and broadening economic programs to increase El Salvador’s presence in the region. Ulloa emphasized the nation’s progress in the financial and digital sectors, pointing out that state reserves had exceeded $500 million, and attributed this success to the efforts of the Bitcoin Office, which is President Nayib Bukele.
Ulloa talked about important projects such as “El Salvador Vuela” and “Cable Submarino” during his discussion. These initiatives are focused on upgrading the country’s aviation infrastructure and enhancing digital connectivity through submarine cable networks. Ulloa highlighted that these endeavors will play a significant role in establishing the nation as a technology and connectivity hub in the region. Additionally, he stressed the collaboration with the Development Bank of Latin America and the Caribbean (CAF) to enhance air and digital connectivity.
Ambassador Zhang Yanhui presented a private message from China’s Vice President Han Zheng, maintaining the diplomatic communication between the two nations. Ulloa emphasized the current initiatives backed by Chinese collaboration, acknowledging their role in progressing El Salvador’s economy and technology sector.
Since officially recognizing Bitcoin as legal tender in September 2021, El Salvador has continuously increased its holdings of the crypto currency. The country now possesses over 6,000 BTC, with an approximate value of $560 million. Despite facing criticism from the International Monetary Fund (IMF and making adjustments to some of its Bitcoin projects, such as the Chivo wallet, the government is unwavering in its dedication to its Bitcoin strategy. The National Bitcoin Office has suggested that El Salvador is considering ramping up its Bitcoin purchases, indicating its belief that Bitcoin can serve as a valuable long-term asset for fostering economic growth and diversifying its financial resources.
