El Salvador’s vice president highlighted bitcoin’s role in economic growth during a meeting with China’s ambassador, emphasizing Chinese cooperation in advancing digital infrastructure projects.
El Salvador Spotlights Bitcoin Wealth in Discussions With Chinese Delegation
El Salvador’s Vice President Félix Ulloa highlighted the country’s bitcoin success in a meeting with Chinese Ambassador Zhang Yanhui, the Office of the Vice President of El Salvador posted on the social media platform X last week.
The meeting, held on Dec. 23, focused on strengthening bilateral ties and advancing projects to enhance digital connectivity and economic growth. Discussions centered on modernizing infrastructure and expanding economic initiatives to bolster El Salvador’s regional influence. Ulloa highlighted the country’s financial and digital advancements, noting state reserves had surpassed $500 million. He credited the Bitcoin Office, led by Stacy Herbert under President Nayib Bukele, for the achievement.
Ulloa discussed key initiatives, including “El Salvador Vuela,” aimed at modernizing national aeronautical infrastructure, and “Cable Submarino,” which seeks to improve digital connectivity by optimizing submarine cable networks. These projects, Ulloa stated, will help position the nation as a regional hub for technology and connectivity. He also emphasized efforts to improve air and digital connectivity with support from the Development Bank of Latin America and the Caribbean (CAF).
Ambassador Zhang Yanhui delivered a personal letter from China’s Vice President Han Zheng, continuing the diplomatic dialogue between the two countries. Ulloa highlighted ongoing projects supported by Chinese cooperation, crediting them with advancing El Salvador’s economic and technological landscape.
El Salvador has steadily expanded its Bitcoin reserves since adopting the cryptocurrency as legal tender in September 2021. The nation’s holdings have now surpassed 6,000 BTC, valued at around $560 million. Despite pressure from the International Monetary Fund (IMF), which led to agreements to scale back certain bitcoin-related initiatives, like the Chivo wallet, the government remains committed to its bitcoin strategy. The National Bitcoin Office has hinted at accelerating purchases, signaling that El Salvador views bitcoin as a long-term asset for economic growth and financial diversification.
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