November 26, 2021

El Salvador to build world's first "Bitcoin City"

One of Central America's most challenged nations is venturing forth into the cryptosphere.

In June this year, El Salvador officially took the cryptocurrency plunge by becoming the first country in the world to accept cryptocurrency as legal tender. The policy shift obliged all local businesses from hair salons to coffee shops to accept Bitcoin as payment and meant the country would accept both US dollars and Bitcoins for all transactions. 

The move seemed to have backfired in September after thousands of El Salvadorans took the streets to protest against the law, fearing the introduction of the cryptocurrency could lead to socioeconomic instability.

As a superlative follow-up to its audacious plans (or, in some people’s eyes, a rescue attempt) El Salvador is now hatching plans for a “Bitcoin City”, unveiled on 21 November at Bitcoin Week by El Salvadoran president Nayib Bukele – a notable millennial in the country’s political history of typically senior presidents.

Written by George Tchetvertakov
Published by Small Caps