U.S. Treasury’s Bessent backs Bukele’s crypto plan in Miami

U.S. Treasury Secretary Scott Bessent met Salvadoran President Nayib Bukele in Miami over the weekend and expressed support for El Salvador’s pro-market reforms and its plan to build a hub for digital assets.

The bilateral meeting took place on the sidelines of the Shield of the Americas summit in Miami, Florida, and centered on El Salvador’s economic program and cryptocurrency policy. After the talks, Bessent posted on X: “I was glad to hear more about President Bukele’s pro-market reforms for El Salvador and his efforts to make El Salvador a digital assets hub. We will continue to work together to advance strategies to strengthen our hemisphere.”

El Salvador adopted Bitcoin as legal tender in 2021. At the time, the International Monetary Fund, credit rating agencies and U.S. officials issued warnings, and members of Congress introduced legislation addressing potential risks to the U.S. financial system.

In early 2025, the Bukele administration amended the Bitcoin Law while seeking a $1.4 billion loan from the IMF amid rising public debt. The revisions removed Bitcoin’s mandatory legal tender requirement and set limits on direct public sector involvement in crypto-related activities. Officials have indicated the government continues to purchase Bitcoin.

Domestic adoption remains limited. A 2024–2025 survey by the Public Opinion Institute of the Jesuit Central American University reported that 8 out of every 100 Salvadorans actively use Bitcoin.

The Miami meeting included discussions on regional economic coordination, according to Bessent’s public statement.