El Salvador Remains Keen on Attracting Investors to Its Bitcoin City
- Reports state that El Salvador has most likely not made significant progress in its plans to erect a Bitcoin city.
- The Central American country became the first country to adopt Bitcoin as a legal tender in 2021.
- Despite its criticism for its investments in Bitcoin, the country’s president remains bullish on crypto.
El Salvador shocked the world when it became the first country to recognize Bitcoin as a legal tender in September 2021. Despite opposition received from world leaders and financial institutions, the country is not relenting on its ambitions and is currently focused on constructing a Bitcoin City. The plan for such a city was announced last year. However, the project has not gone as envisaged owing to several factors, including a lack of investments due to the bear market as well as geopolitical concerns.
Héctor Enrique Celarié Landaverde, the deputy ambassador of El Salvador to the Kingdom of the Netherlands, recently shared some unique details about how the Central American country intends to carry out its highly-publicized project. Hector noted that El Salvador plans to adopt a first come, first serve approach, which will give early businesses the advantage of better profits. He said,
The dream of El Salvador is to have a Bitcoin City and from there to make our society bigger, stronger. We are trying to attract more and more investments to this area so we can develop these communities.
Despite concerns that El Salvador’s investment in Bitcoin was an error in judgment, the country’s ambassador argued differently. Hector claimed that BTC usage in his homeland had been a game-changer. He went on to urge people to examine how Bitcoin is affecting the Central American nation.
According to reports, El Salvador’s Bitcoin city will be funded partly from the sales of the $1 billion Bitcoin volcano bonds and will be located in Conchagua , a municipality of La Unión La Unión. The plan to construct a Bitcoin city looked appealing to crypto enthusiasts but was seen as an impossible task by the rest of the world.
President Nayib Bukele previously pledged that the “Bitcoin City” would be a tax haven for miners and crypto investors. He also noted that the city would be equipped with residential and commercial areas, an airport, and a central plaza with a state-of-the-art design. He urged investors to “Invest here and make all the money you want,” during his November 2021 speech.
Reuters reported last month that it saw no construction workers, heavy machinery, or raw materials during a recent visit there. According to the report, nothing showed that the country had made any significant progress in erecting what would be a historic city.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
