However, the issue of a ten-year Bitcoin bond worth one billion US dollars, which was planned for March, has not materialized so far – according to Finance Minister Alejandro Zelaya, waiting for the right moment. According to plans by the authoritarian President Nayib Bukele, the bond is intended to finance, among other things, the construction of a Bitcoin city at the foot of the Conchagua volcano. The energy for mining the cryptocurrency is to be generated by a geothermal power plant on the volcano.
On September 7th, El Salvador’s bitcoin law went into effect. According to him, any trader who is technically able to do so must accept the cryptocurrency. Taxes can also be paid in it. The digital purse Chivo was introduced – whoever downloaded it got a starting credit worth 30 US dollars (almost 28 euros). In addition, around 200 Chivo ATMs have been set up. According to media reports, however, the Chivo system is suffering from glitches.