Mónica Taher, director of Technology and Business Innovation, at the Secretary of Commerce of El Salvador, said that the government team discusses issues such as decentralized finance (DeFi) and decentralized autonomous organizations (DAO). This was expressed this Wednesday, November 17, during her speech at the Adopting Bitcoin event, which takes place in the Salvadoran capital.
The official commented that the government of El Salvador follows a plan written in 2019, called the Digital Agenda, which seeks to modernize the country . However, at the time of the conception of the plan, there were no issues such as those that arise now, after the adoption of Bitcoin as legal tender in the country.
“In 2019 we were not thinking, to be honest (…) we obviously talked about the need to digitize a large part of the processes and the way the government conducts business (…) but we weren’t talking about Bitcoin the way we are doing now, nor about the issues we are talking about now, such as DAO, DeFi, and many other issues ”, explained Taher.
El Salvador’s National Digital Agenda includes 17 development objectives, where According to Monica Taher, Bitcoin adoption is “the tip of the iceberg.” He highlighted that his government works on a general digital identity system for Salvadorans, focused on health and education; among other plans that are to be implemented in the country. “When I tell you that Bitcoin is only the beginning, believe me, it is only the beginning,” he stressed.
Educate about Bitcoin for financial freedom
On the other hand , they propose to continue educating the population so that they understand that having Bitcoin as legal tender not only allows transactions, but can also be used to create wealth.
“The ideal situation would be that 70% of the population that does not have financial freedom, obtain it. That is, it is not just about being able to buy a coffee, but learning to invest, learning to sustain yourself, learning to use perhaps a part of that bitcoin for daily needs, but at the same time learning the fact that if you have bitcoin, (… ) can also accumulate wealth. That should be the goal that we should be able to see within 2 years. ”
Mónica Taher, Director of Technology in Business Innovation of El Salvador
Bitcoiner since 2014
Monica Taher shared with the audience present at the event that the first time she heard about she felt very happy. “I have been in technology for 20 years and I really consider myself an” early adopter “(early investor) since since 2014 I started with Bitcoin. the adoption of Bitcoin as a legal currency in his country, confessed that they were not prepared for the large volume of companies that came to El Salvador. “We have been working non-stop since June. When the president first announced the Bitcoin Law, the following week we had a lot of companies that just ran at us, ”Taher said in describing the impact the decision had.
However, he believes that Beyond the protection offered by a legal environment such as the one created in El Salvador, there is awareness in people of the potential that Bitcoin has .
Bitcoin is a currency for the future
As a specialist in the area technology, Mónica Taher affirmed that the adoption of Bitcoin as a currency in the Salvadoran economy was based on the vision of incorporating financial technology.
“There were people who said that we should not adopt Bitcoin, we should go back to the colon which used to be our currency until 2001, before we adopted the US dollar (…) however, I know that the future is not to go back to a currency that was dead, that was killed in 2001 ”, explained Taher.
In the vision shared by the government team, the colones do not represent the future. “The future is to adopt a legal tender that will take us to the next century,” he stressed. In this sense, they bet on education as a means to explain this concept.
El Salvador is now known as the “Bitcoin Nation”
“We have become by default an example for the world” said the civil servant. “We are giving signals for other governments to see that what we are doing as an experiment can work.” a proof of concept that things are being done right. He highlighted the presence of important cryptocurrency companies from countries such as Chile and Argentina, which have stood out “due to the development of their digital agenda in the past,” as well as modern companies from the rest of America, Europe and different Asian countries.
In closing her speech, Mónica Taher expressed that what is happening in El Salvador is gratifying, since until a few months before the Bitcoin Law was announced, her country was known for gangs, while now, they identify it as the “Bitcoin nation”.