The country announced in June at the Bitcoin Conference that they would make digital currency legal tender across the nation. This legislation was proposed and approved just a few days later, leading to "bitcoin is now considered as money" going into effect this September with El Salvador's new bitcoin wallet named Chivo which has been downloaded by more than 50% of 6 million Salvadoreans already!
Bukele and his team have been working hard to make El Salvador a hot spot for bitcoin. First the president created 200+ ATMs so people could buy bitcoins from them or deposit cash, then Bukele announced plans for an even greater expansion of that network across all parts of the country!
He's got one eye on volcanoes too; he convinced authorities at Cerro San Cristóbal (the site nearest major population centers)to lease their energy production capabilities in exchangefor cryptocurrency mining contracts which should help with funding aspects while generating revenue off its own source each year.
The El Salvador President is making headlines for his successful execution of plans and lightning-fast speed. politics seems to be different in El Salavador, where you can trust that announcements will actually come true -- there's no reason not too!
The country has been known for its big announcements and timely delivery. The people of Bitcoin City should take notice!
The general idea here is to create a brand new city that would serve as the shining example of what is possible in our time. Bukele specifically referenced the need for nation states and leaders alike, who are looking at building modern-day versions or ' GLORIOUS LEGACIES'. Alexander The Great had built his own legacy with Alexandria Egypt centuries ago; he hopes this will be no different but on an even grander scale!
The idea of Bitcoin City in El Salvador would be a combination of four different but equally important aspects: renewable energy, physical space, taxation and property rights.
First, the energy approach is simple. The city will have no CO2 emissions and everything will be powered by a volcano that sits adjacent to the planned site! I'm not an expert on volcanic energy but we should give them benefit of doubt because this has been done before in several other locations around world with little difficulty or risk involved..
Second, the physical space will be a fully functioning city. Everything from an airport to housing and commercial real estate are planned for this circular-shaped metropolis where people can gather in public plazas that look just like bitcoins symbols on top!
This idea isn't new at all; it has been thought up before by Alexander The Great among others who were seeking innovative solutions to old problems. What makes our renewed focus different than previous applications? Our innovation comes not only through applying these ancient principles but also modernizing them so they meet 21st century needs.
What's in a name? That which we call Bitcoin City may be your new home, as it has everything you need. The excitement is real!
El Salvador is on its way to becoming the first country in Central America with a fully-funcitonal government and economy based entirely around bitcoin. After coming close many times throughout 2017, this new city was announced today by mayor Roman Catholic church official Antonio Martinez Sanchez who says that he plans for much of it’s funding through offerings backed my locally created “Bitcoin Bond”.
This sets them apart from other cashless economies where citizens deal solely via smartphones app or online retailer instead paying using cards once they arrive at checkout.
This is where things get interesting. The local government will be issuing a $1 billion tokenized bond that carries 6% interest for investors and, depending on how it's structured, up to 20 years before maturity can reap its reward with about 1/5th going towards building new infrastructure or maintaining existing systems like traffic lights so you don't have any cold starts when locating your city center!
Additionally there’s some profit left over from these investments which means even after all costs are paid - including staff salaries- anything beyond what was required just gets swept into crypto wallets as they exist now without much thought given either way except maybe trading.
These are considered bitcoin-backed bonds for two reasons: (1) half of the bond proceeds will be invested in a digital asset called Bitcoin and tokenized on Blockstream’s Liquid sidechain. This concept has not been seen before, so it is innovative!
