El Salvador Wants to Build ‘Volcano’s Mount Bitcoin’

El Salvador’s right-wing president, Nayib Bukele, 40, is also betting on bitcoin to advance the country. Its dubious plan is, in particular, to build “Bitcoin City” with the help of geothermal power from volcanic eruptions to help raise the profile of cryptocurrency and promote its widespread use.

Bukele said on Saturday that Bitcoin City will be built in La Union, a region east of El Salvador. Reuters reports that the city will not levy any tax other than the additional tax, or VAT, and will show a central location that will look like a bitcoin symbol from above. In addition, Bitcoin City will be around and including the airport and commercial location.

They will, naturally, become bitcoin mining sites, and empowering activity which will be run by the Conchagua Volcano, the El Salvadorian government stated in a publishing articles. Choice has two stratovolcanos cross looking at the Gulf of Fonseca.

Bukele unveiled his plans for Bitcoin City in a comment on the event last week bitcoin advertising in El Salvador, which later became first world recognizing bitcoin as a national currency in September.

“Put it here and make all the money you want,” Bukele said. “This is a cosmopolitan city that operates and is reinforced by an active volcano.”

At the event, experts explained that the world will donate $ 1 billion in “bitcoin ties” in 2022 to raise funds to build Bitcoin City. The bond will be delivered on a liquid network, the bitcoin sidechain network, and carry a nominal yield of 6.5%.

Blockstream, which oversees the liquid network, said $ 500 million in revenue would be dedicated to construction for the city and bitcoin mining area. Another $ 500 million will be used to buy more bitcoin.

It is hard to imagine that the citizens of El Salvador, one of the poorest countries in Latin America, would enjoy Bitcoin City as a Bukele or bitcoin posse. The digito the issuance of funds was accompanied by difficulties, which encouraging protests against the government, and votes have been cast that citizens care about the interest of their president bitcoin.

At the end of the day, the people of El Salvador will see many benefits if their president focuses on reforming their lives instead of preparing for change. very flexible digital currency. The problem does not look good, however.