in El Salvador, President Nayib Bukele has been making one shattering announcement after another. For the first time in the world, government bonds will be issued backed by BTC to begin building a “Bitcoin City.
El Salvador to Build First-Ever ‘Bitcoin City’
Last week, El Salvador hosted the Bitcoin Week Conference
, a high mass organized around the growing adoption of the king of cryptocurrencies. An adoption to which the small Central American country has largely contributed, by making Bitcoin a national currency, put on par with the US dollar.
This Sunday, November 21, 2021,on the last day of the conference, Salvadoran President Nayib Bukele announced nothing less than the building of a city honoring Satoshi Nakamoto’s invention: Bitcoin City!
“I thought we had to make a big announcement for this Bitcoin Week Conference. So I would like to announce today that we will build the first Bitcoin City (…) In this Bitcoin City, we will have digital and technological education. Geothermal energy for the entire city and efficient, sustainable public transportation. (…) Invest here and make all the money you want. It will be a completely green city, powered and operated by a volcano. (…) In Bitcoin City, we will have mining operations, agriculture, culture and sports. When we are no longer there, it will endure and everyone will be able to see the city.”.
Salvadoran President Nayib Bukele Twitter account @PresidenciaSV
El Salvador to Raise $1 Billion in Bonds Using Bitcoin
To complete this mammoth project, El Salvador is once again showing itself to be at the forefront of using Bitcoin’s incredible potential. Indeed, the initial costs of developing Bitcoin City will be covered by issuing bonds backed by Bitcoin!
As stated in a release
from iFinex, the parent company of the crypto exchange Bitfinex will help the government of El Salvador build the digital securities exchange platform that will allow the issuance of “Volcano Bond:
“iFinex will help the gouvernment of El Salvador to create and implement balanced cryptocurrency laws, regulations, rules, and guidelines, including digitized financial instruments, to promote the growth of the cryptocurrency sector in El Salvador.”
Twitter account @PresidenciaSV
For their part, Blockstream’s teams will help the authorities in El Salvador to issue Volcano Bonds on the Liquid Network. While on stage with President Bukele, Samson Mow, Blockstream’s Chief Strategy Officer said:
“(…) US$1 billion [of these Bitcoin bonds] will be issued on the Liquid Network. The $1 billion raised will be split between a $500 million allocation of bitcoins (BTC) and a $500 million infrastructure spend to build energy and bitcoin mining infrastructure in the region.”
Thanks to the democratization and financial inclusion that Bitcoin and cryptos bring, these very “volcanic” leaps from El Salvador will be accessible to all wallets, as investments should be possible as low as $100.
If the adoption of Bitcoin in El Salvador is already changing the country, then it would seem that this is just the beginning. The next step, which begins today, will be to start building the BTC mining infrastructure, which will also power the future Bitcoin City, thanks to the geothermal energy of volcanoes.
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