July 20, 2024

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El Salvador focused on bringing investment to Bitcoin City, says ambassador

2 min read
El Salvador focused on bringing investment to Bitcoin City, says ambassador

El Salvador, the first nation to make Bitcoin (BTC) a legal tender in September last year, is currently focused on building a Bitcoin City. There have been several delays and disruptions in the plans since its announcement last year owing to the bear market-led investment drought and geo-political tensions.

Cointelegraph reporter Joseph Hall got in touch with Héctor Enrique Celarié Landaverde, the deputy ambassador of El Salvador to the kingdom of the Netherlands, to get some insights into the country’s progress with its much-hyped project.

Landaverde told Cointelegraph that the government is following a “first come first serve” basis, where businesses that are early with their investment will get better profits. He explained:

“The dream of El Salvador is to have a Bitcoin City and from there to make our society bigger, stronger. We are trying to attract more and more investments to this area so we can develop these communities.”

The deputy ambassador noted that BTC use in the country has definitely made an impact on the impact and also invited people to the country to see for themselves how BTC is changing lives.

Related: El Salvador’s Bitcoin decision: Tracking adoption a year later

The iconic Bitcoin City was announced in November last year, which would be partly funded by the sales of $1 billion Bitcoin volcano bonds, the world’s first cryptocurrency sovereign-debt product. The debt product was a center of attraction at the bull market’s peak. However, several delays in the past and a downturn in the bear market have cast a shadow of uncertainty.

Last month, Bitfinex CTO Paolo Ardoino told Cointelegraph that they were awaiting a license of issuance from the government first, which would be granted after the passing of the digital securities bill that was slated for September. However, there hasn’t been any update on the launch of the Bitcoin bond mid-way through October.