El Salvador continues to write history
El Salvador continues to write history with its adoption of Bitcoin, with the latest initiative declaring an entire city focused on the underlying cryptocurrency.
El Salvador's government plans to put this plan into action with a volcanic energy-backed bitcoin mining bond totaling $1 billion.
While this may sound groundbreaking and surprising to some, one person, Max Keizer, was actually the one who came up with the idea months ago.
Bitcoin in El Salvador:
In June 2021, the small Central American country shocked the world by announcing plans to adopt Bitcoin as a legal currency.
As was somewhat expected, international organizations such as the International Monetary Fund, with which El Salvador was in discussions of a program of nearly a billion dollars, criticized.
Some locals also found problems with the proposed law and took to the streets to protest against it.
However, President Bukele and his administration did not back down, and bitcoin had already become legal tender within the country as of early September 2021.
El Salvador has started buying bitcoin, especially during some price drops, and has started mining it with excess volcanic energy, and plans to take advantage of the proceeds from the high price of bitcoin to build hospitals and schools.
While all of this may sound nice, considering that it happened in just a few months, the country took it a step further over the weekend by announcing Bitcoin City.
President Bukele explained:
The city will be central and will contain everything, from the airport and port to residential and commercial areas.
There will be no tax, except for Value Added Tax (VAT).
The funding will come from a volcano-backed bond worth $1 billion, 50% of which will be used by the state to buy more bitcoin, and the rest will go to local infrastructure and mining.
After five years, the government will start selling bitcoin gradually, which will increase the annual percentage return to investors from 6.5% to somewhere below three figures, at least according to Mr.
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