Home El Salvador To Resume Bitcoin City Plans Post-Election

El Salvador To Resume Bitcoin City Plans Post-Election

By adminFebruary 2, 2024, 4:58 AM1 Mins read341 Views

El Salvador To Resume Bitcoin City Plans Post-Election

El Salvador is set to revive its Bitcoin (BTC) ambitions following a landslide victory for President Nayib Bukele.

The country’s vice president, Felix Ulloa, has announced plans to construct a tax-free Bitcoin City and launch Bitcoin bonds.

Despite the International Monetary Fund’s opposition to Bitcoin’s legal tender in 2021, Ulloa said Bukele has no plans to rescind these objectives. El Salvador offers citizenship to foreigners who donate crypto to government projects, which may encourage them to move to the new Bitcoin City.

The country also plans to build a Bitcoin mining facility powered by geothermal energy, which could become feasible following the Bitcoin halving in April 2024.

(With inputs from Shikha Singh)

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