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Bitcoin city is looking for more investors – This is how you get involved

Bitcoin city is looking for more investors – This is how you get involved

Bitcoin city is looking for more investors – This is how you get involved

In September 2021, El Salvador became the first nation in the world to make Bitcoin legal tender. Now the country wants to focus on building a Bitcoin City. While El Salvador announced its goal of creating a bitcoin city last year, its plans have been stalled and delayed for a variety of reasons. Geopolitical tensions and the crypto winter (which has led to a significant drop in investment in the crypto sector) are notable factors disrupting El Salvador’s Bitcoin City plans. The Deputy Ambassador of El Salvador to the Netherlands, Héctor Enrique Celarie, told the media that the Central American nation will follow a first-come, first-served policy to allow companies to invest in the bitcoin city and benefit from it.

He explained that El Salvador aims to use its bitcoin city as a base to expand and strengthen society. “So we want more investment in that aspect to develop this city.” Deputy Ambassador Celarie further commented that the adoption of BTC as legal tender has had a positive impact on the country’s economy. He encouraged people from other countries to visit El Salvador so they could experience first-hand how BTC is positively impacting the lives of Salvadorans.

Funding the Bitcoin City

El Salvador first announced that it would launch a bitcoin city in November 2021. The official explanation was that the city’s development funds would come from the sale of $1 billion worth of bitcoin volcanic bonds. This bond is the first global crypto government bond product. At the height of the bull market, many investors were tempted to invest in this debt product. However, it has lost that appeal due to various delays and the downturn in the crypto market.

A few weeks ago, Paolo Ardoino (CTO of BitFinex) informed a well-known media outlet that BitFinex is awaiting approval of its operating license from El Salvador. He added that the government will not issue an operating license until it passes the digital securities law. The government initially said it would approve the bill late last month. So far, however, he has not provided an update on the bill or the bitcoin bonus release. While the Bitcoin experiment in El Salvador had its issues, the positives outweighed the negatives.

Two days ago, CoinCorner, a bitcoin card payment platform, announced plans to install Near-Field Communication (NFC) card readers across El Salvador.

The tap-to-pay feature allows Bitcoin holders in El Salvador to spend their BTC in places where these NFC card readers are available. This service is built on the lightning network (ln) to ease retail BTC transactions. Many card payment services globally are integrated with the lightning network to facilitate BTC payments for BTC holders.

 

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