El Salvador strives to attract investment to Bitcoin City!

El Salvador strives to attract investment to Bitcoin City!

El Salvador, which became the first nation to legalize bitcoin (BTC) in September of last year, is currently focused on building Bitcoin City. There have been several delays and disruptions to the plans since they were announced last year, due to a decline in investment due to the bear market and geopolitical tensions.

Cointelegraph reporter Joseph Hall caught up with Héctor Enrique Celarié Landaverde, Deputy Ambassador of El Salvador to the Kingdom of the Netherlands, to get an update on the country’s progress with its long-awaited project.

Héctor Enrique Celarié Landaverde told Cointelegraph that the government follows a “first-come, first-served” rule, whereby companies that invest early will receive better profits. He explained:

“El Salvador’s dream is to have a Bitcoin City and make our society bigger and stronger from that. We are trying to attract more and more investment in this area so that we can develop these communities. »

The Deputy Ambassador noted that the use of BTC in the country had a definite impact. He also invited people to travel to the country to see for themselves how BTC is changing lives.

Also read: El Salvador’s Bitcoin Decision: Tracking Adoption One Year Later

The iconic Bitcoin City was announced last November; it would be funded in part by selling $1 billion Bitcoin volcano bonds, the world’s first cryptocurrency sovereign debt product. This debt product was a center of attraction during the height of the bull market. However, some past delays and bear market downturns have cast a shadow of uncertainty.

Last month, Bitfinex CTO Paolo Ardoino told Cointelegraph that they were initially waiting for the issuance of a license from the government, which would be granted after the passage of the Digital Securities Bill, which is expected to took place in November 2012. However, there was no update on the Bitcoin Bond launch in mid-October.

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