The Bitcoin moves of El Salvador, the first country to make Bitcoin a legal currency, continue.
While more people have a Bitcoin wallet than the number of people with a bank account in the country, adoption increases, we see that the public is increasingly warming to Bitcoin. Because, lastly, bank managers stated that Bitcoin and the traditional system can coexist and stated that they are satisfied with the latest situation.
While El Salvador’s Bitcoin experiment is progressing successfully, the country is holding the Bitcoin Week Conference this week. Speaking at the conference, President Nayib Bukele made important statements about their future plans.
Bukele first announced the Bitcoin City project. In particular, a city without taxes on transactions and earnings and completely managed by Bitcoin will be created.
Bukele plans to issue $1 billion in fund bonds to support the project. It is planned to use tokenized 10-year bonds with the support of Blockstream and Bitfinex. Bitfinex and Tether CTO Paolo Ardoino also announced that they will support El Salvador in this regard.
Finex will launch a securities platform that will be the home of ES #bitcoins bonds and soon many local and foreign digital assets offerings developing new digital asset regulation for the country!
El Salvador, @bitfinex and @blockstream are making history together.
— Paolo Ardoino (@paoloardoino) November 21, 2021
It was stated that $ 500 million of the $ 1 billion Bitcoin bonds will be spent on Bitcoin mining infrastructure, while $ 500 million will remain locked for 5 years.
It was stated that the city of Bitcoin will be built next to a volcano to easily meet its energy needs.