‘Crypto Utopia’: El Salvador President Unveils Layout Of Bitcoin City
The Crypto-fied version will be built in the shadow of a Conchagua volcano on the Gulf of Fonseca in the southeast of the Central American country.
New Delhi: Crypto becomes the center of talk once again as El Salvador President Nayib Bukele took to Twitter on Sunday to announce that his not yet built crypto version of the country is “coming along beautifully.”
The Crypto-fied version will be built in the shadow of a Conchagua volcano on the Gulf of Fonseca in the southeast of the Central American country.
#Bitcoin City is coming along beautifully ❤️ pic.twitter.com/A6ay8aAREW
— Nayib Bukele (@nayibbukele) May 9, 2022
The Bitcoin city project was announced by President Bukele at the Latin American Bitcoin and Blockchain Conference six months ago. And it is being built with the hope of encouraging economic growth by luring foreign investment.
According to some enthusiasts, Bitcoin city is being described as a 'crypto utopia' as there will be no property, income or municipal taxes, nor will there be any carbon dioxide emissions.
The city will be powered by geothermal energy from the volcano, which will also be used to mine bitcoins.
Though El Salvador is the first country to adopt bitcoin as an official country last year, the time is sensitive for a crypto-based project as the digital currency market took a dip of nearly 50 percent in its value.
According to International Monetary Fund (IMF) adopting crypto as a legal tender "entails large risks for financial and market integrity, financial stability, and consumer protection."
The biggest risk with cryptocurrency is its price fluctuations. However, despite the warning by the IMF, the Central African Republic became the second country to adopt bitcoin as official currency last month.
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