TechBookyBusiness
No Result
View All Result
Friday, July 1, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Cryptocurrency

El Salvador To Build “Bitcoin City”, An Entire City Based On Bitcoin

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
November 21, 2021
in Cryptocurrency
Share on FacebookShare on Twitter

El Salvador, the first and currently only country in which Bitcoin is a legal tender has announced plans to build an entire city based on the world’s most popular cryptocurrency. The city will be called “Bitcoin City” and the announcement came on Saturday night during a presentation by President Nayib Bukele while the country celebrated Bitcoin week.

According to the information from the President, “Bitcoin city” will be located along the Gulf of Fonseca situated near a volcano. The idea is to make the volcano a source of power for Bitcoin mining. It is the government’s plan to provide energy for both Bitcoin mining activities and the city from the volcano. This makes sense because Bitcoin has been hugely criticized in the past for its excessive power consumption during its mining process. Out of environmental concerns, electric vehicle company Tesla stopped accepting Bitcoin as a means of payment for its electric vehicles and promised to resume accepting the cryptocurrency once sustainable ways of mining it comes up.

In September, amid huge criticisms from globally renowned bodies, El Salvador became the first country to adopt Bitcoin as a legal tender. El Salvador’s President – President Nayib Bukele, also announced months back that El Salvador was partnering with Strike, a digital wallet company, to build the country’s modern financial infrastructure using blockchain technology. Amid global criticism and scepticism, Nigel Green, the Chief Executive and founder of deVere Group, a financial services giant, described El Salvador’s move as ground-breaking in terms of greater adoption of Bitcoin.  “El Salvador is making history with a bold jump into the future of money by officially recognizing Bitcoin as legal tender together with the US dollar,” he said adding that by diversifying the nation’s dollar reserves into Bitcoin, there could be additional opportunities for El Salvador to increase the size of its reserves; the country could benefit from significant investment and capital inflows as digital asset organizations are likely to relocate to the Bitcoin-friendly state.

During his presentation at Bitcoin week, El Salvador’s President also noted that “Bitcoin City” will be a metropolis. According to him, it won’t just be a mining hub as people would imagine. It is going to be a fully functional city with residential and commercial areas, restaurants, an airport as well as port and rail service. The plan for the city is to be laid out in a circle with a plaza that’ll host the Bitcoin symbol located right in the middle. The city will have no income, property, capital gains or payroll taxes, he said.

The country plans on issuing a $1 billion US “Bitcoin bond”, a tokenized financial instrument developed by Blockstream, on Liquid Network. $500 million, out of this amount will be used to construct energy and Bitcoin mining infrastructure while the balance of $500 million will be used to acquire more Bitcoin, increasing the country’s Bitcoin reserves to about 2,000 Bitcoins. Also, according to a press release by Blockstream, the country plans to create a securities law and grant a license to Bitfinex Securities to process the issuance.

Total
33
Shares
Share 33
Tweet 0
Pin it 0
Share 0

Related Posts:

  • El Salvador Adds 500 BTC To Its Reserves As The Crypto Continues To Dip
    El Salvador Adds 500 BTC To Its Reserves As The Crypto…
  • Russia’s President Says The Country Could Benefit From Bitcoin Mining, Opposing The Country’s Apex Bank’s Claims That Bitcoin Is A Threat
    Russia’s President Says The Country Could Benefit From…
  • Family Of Five Dubbed "Bitcoin Family" Moves To Portugal Because Of Its No-tax Policy On Bitcoin
    Family Of Five Dubbed "Bitcoin Family" Moves To Portugal…
  • El Salvador And Central African Republic, What Do These Two Unrelated Countries Share In Common?
    El Salvador And Central African Republic, What Do These Two…
  • The IMF Is Asking El Salvador To Abandon Bitcoin As A Legal Tender
    The IMF Is Asking El Salvador To Abandon Bitcoin As A Legal…
  • Bitcoin: The Year 2021 In Review
    Bitcoin: The Year 2021 In Review
  • “They Can Never Beat You If You Buy The Dips”, El Salvador’s President Says After The Country’s Continued Bitcoin Purchase
    “They Can Never Beat You If You Buy The Dips”, El Salvador’s…
  • El Salvador's President Says Bitcoin Investments Are Safe and That There Will Be A Strong Rebound After Bear Market
    El Salvador's President Says Bitcoin Investments Are Safe…
Tags: bitcoinBitcoin Citycryptocurrencyel SalvadorLegal tender
Previous Post

The Evolution Of Payment: A Glance Into How Payment Systems Got To Where They Are And What The Future Holds For Them

Next Post

ByteDance, TikTok’s Parent Company Is Closing Its Edtech Business In India

Next Post
Sources Say ByteDance Is In Talks With Wall Street Banks To Borrow Over $3 Billion

ByteDance, TikTok's Parent Company Is Closing Its Edtech Business In India

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • June Was Bitcoin’s Worst Month On Record After The Flagship Crypto Lost 40 Percent Of Its Value
  • Nigerian Mobility Startup Moove Gets $20 Million From The UK Government’s Development Finance Institution – British International Investment (BII)
  • Morocco Wants To Regulate Cryptocurrencies, Introduces New Crypto Bill
  • South African Fintech Sava Secures $2 Million In Pre-seed Funding
  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • June Was Bitcoin’s Worst Month On Record After The Flagship Crypto Lost 40 Percent Of Its Value
  • Nigerian Mobility Startup Moove Gets $20 Million From The UK Government’s Development Finance Institution – British International Investment (BII)
  • Morocco Wants To Regulate Cryptocurrencies, Introduces New Crypto Bill
  • South African Fintech Sava Secures $2 Million In Pre-seed Funding
  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$19,312.111.07%
  • ethereumEthereum(ETH)$1,059.412.96%
  • tetherTether(USDT)$1.00-0.22%
  • usd-coinUSD Coin(USDC)$1.00-0.07%
  • binancecoinBNB(BNB)$215.251.40%
  • Binance USDBinance USD(BUSD)$1.000.07%
  • rippleXRP(XRP)$0.312615-0.15%
  • cardanoCardano(ADA)$0.4466610.35%
  • SolanaSolana(SOL)$32.491.37%
  • dogecoinDogecoin(DOGE)$0.0654670.51%
  • polkadotPolkadot(DOT)$6.73-1.07%
  • Shiba InuShiba Inu(SHIB)$0.000010-1.12%
  • AvalancheAvalanche(AVAX)$15.98-2.12%
  • matic-networkPolygon(MATIC)$0.4566451.53%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....