Students in El Salvador are now getting enlightened about the workings of bitcoin (BTC), including how to receive BTC via the Lightning Network. President Nayib Bukele’s government remains bullish on bitcoin despite unfavorable market conditions.
El Salvador is not giving up on bitcoin (BTC)
Despite initial pushback from regulators such as the International Monetary Fund (IMF), and the U.S., coupled with the devastating crypto winter, it appears the president Nayib Bukele-led Salvadoran is not giving up on bitcoin (BTC) just yet.
As part of its ongoing bitcoin adoption push, El Salvadoran schools have now integrated crypto education into their curriculum, educating students on the workings of bitcoin (BTC), the Lightning network, double spending attacks, and more.
Due to the collapse of the FTX exchange and other unfortunate events this year, the bitcoin price has slumped by over 70 percent from its $70k all-time high mark reached last year.
Though Bukele and his team have made it clear that El Salvador has zero exposure to the disgraced Sam Bankman-Fried’s FTX, the value of the country’s BTC holding is currently down by 61.75 percent, representing an unrealized loss of over $66 million.
However, the nation remains unshaken by the gloomy market conditions, with its educators signaling plans to educate at least 250,000 Salvadoran students about the world’s flagship cryptocurrency by 2023.
In related news, El Salvador introduced the Digital Assets Issuance Law legislation last month, to put in place a legal framework for the public issuance of digital assets. The country has also established the National Bitcoin Office (ONBTC), an agency that will be in charge of handling bitcoin and crypto-related initiatives.