El Salvador has achieved a goal of becoming the first-ever country in the globe to nourish Bitcoin as legal tender. According to the recent announcement by the mayor of San Salvador (Capital city of El Salvador) he has decided to transform his city to the next level by converting the city into a ‘Bitcoin City”. He has decided to establish a bitcoin city near a volcano. He also mentioned that El Salvador will consume the geothermal energy from the volcano that will strengthen this.
This announcement has brought lots of excitement and happiness to the people. The main reason behind excitement was that this change will bring many new opportunities for them. But still, it is not a simple deal to deal with as there are still lots of efforts are required for making this announcement into reality.
Public Interest in Bitcoin City
The mayor’s manifestoes are quite clear that he wants to turn the city into a new coaching and institution center for Bitcoin and its blockchain technology. The intentions of the mayor have impressed the people as he is establishing an institution where the newbies will come to learn about how to invest and work on this technology. Cloudbet, the internets leading Bitcoin Casino came up with this infographic to visually show how the city may look.
Bitcoin City -Attracts Overseas Investors
But it is not enough, as it is the mayor’s belief that this plan will also bring a bright chance to gain tycoons and investors to the city. The mayor has also stated that after the accomplishment of this plan, the city will be rich in residential and commercial areas, shopping centers, public entertainment places, hotels, and an airport.
But yet there is no further information have revealed about the accomplishment of this plan. The mayor said that he along with many strategists are working on this plan and he will release further details about turning this plan into reality to the public at a conference in October.
But now the mayor’s agenda is becoming a source of excitement for the public of El Salvador, as it will boost the present struggling economy of the country on the positive side. Now the ball is in the mayor’s coat that is the only person who can convert this excitement into reality. But yet no one can say whether the central government will also put its hands into this agenda or not.
Major Obstacle in Bitcoin City Agenda
There are some doubts that are arising by the time because the tenure of this mayor is coming to its end and he doesn’t have much time to work on this plan. He has a maximum of 6 months to work on the seat of mayor and that’s why it is on him to make this dream into reality. People are not hopeless yet, as they are expecting that there should be some plans arranged by the mayor to work on this dream.
Negative History About Bitcoin City
There is a negative fact that there are few cities that had also tried to do this in the past and faced failures in this initiative. One of the best examples is CoinVille. It was working to become Bitcoin city but the plan didn’t succeed and they faced many losses in this initiative. This thinking also creates fear in public that maybe they should face economic crackdowns in this plan.
It is also stated by many successful crypto traders that there is a lot of potential for investing in Bitcoin in El Salvador. There are no restrictions for bitcoin trading in this country and it has a wide-open concept about crypto trading, due to this it seems very possible that El Salvador has the potential for becoming a bitcoin city.
But it can not be done instantly, it can take a few years. Now the public of El Salvador have only one hope that is to expect from their mayor and also have to expect that there should be no hurdle in this plan. In simple words, they are waiting for the next conference held by the mayor and hoping that everything will go fine.
The History Behind El Salvador’s Bitcoin City
El Salvador is a very well-known country and is famous for so many things such as its national parks, volcanoes, coffee, and its culture. But it has become a belief that the time is not far away when El Salvador will be also known as a Bitcoin Center or Bitcoin City.
Definition of Bitcoin City
In simple words, a city where cryptocurrency is the main primary form of currency is known as a bitcoin city. Yes, this concept looks like some kind of VFX effects in a science fiction movie, but you have to believe that it is a possible future and now the government of El Salvador is making things possible to establish cryptocurrency as simple for the citizens of El Salvador as it could be.
Why El Salvador?
The question has arisen in the minds of many people that why El Salvador is making this possible for becoming a bitcoin centre? There are many reasons behind this initiative. El Salvador is always looking to get foreign investors.
Also, there is also a belief of the majority of the public and even its government that crypto trading can be a handy tool that can help El Salvador to overcome its poverty issues. These are the vital reasons why El Salvador is working on crypto and wants to make itself a bitcoin city.
It has become the first time in history that a government of a state is working on crypto and they believe that it can be beneficial for their state’s economy overall. For these reasons, there is no restriction for crypto trading in El Salvador and so it is becoming a high potential platform for bitcoin trading.
El Salvador’s Expectations From Bitcoin
One of the major reasons why El Salvador is expecting only from bitcoin as bitcoin is the only cryptocurrency that has very high potential and attracts overseas investors from anywhere in the world. Bitcoin trading has an amazing reputation as the best working international actuality and it is also the best source of attracting overseas investors anywhere in the world. And as I mentioned above, El Salvador is a country that wants to attract international investors in their country so that lots of opportunities will create within their territories.
Bitcoin City -Only Way to Overcome Poverty Issues
El Salvador believes that it is only the way to overcome poverty issues. And this is also the only way to create new opportunities for the public. If El Salvador becomes successful in creating a bitcoin city then it will bring lots of jobs and opportunities for the locals of El Salvador and they can work in this industry and can make handsome earnings through it. For sure it will become a source of potential income. In the end, we all know the fact that the potential in bitcoin’s trading can solve the poverty issue quite well.
Major Setback of Bitcoin Trading
While there is a lot of potential in bitcoin trading, there are also some drawbacks to bitcoin trading. One of the major issues of investing in bitcoin is that it is an unregulated market. This means there are no government terms and conditions that bitcoin follows and it can be a major setback for a bitcoin city.
But if the government of El Salvador becomes successful to overcome this hurdle by making some law that is beneficial for both state and bitcoin then it is very possible that the creation of bitcoin can be a bridge to migrate the state’s public from poverty to success.
Progress of Cryptocurrency -Beneficial For El Salvador
As everyone is well-aware of the progress of cryptocurrency. Although it is a new form of currency in a digital manner , it has gained popularity in the world in no time. We can say that its volatile nature is the only reason behind its popularity.
But it can be quite risky for the newcomers in the market. However, there is no doubt this it has become the most trending trading in the world due to the success stories of many people who have changed their lives with cryptocurrency overnight.
That’s why El Salvador is making lots of efforts to make a bitcoin city as it is the only way for them to attract several foreign big fishes in their country in order to reduce poverty and provide handy support to their financial system. If things come true, then it will be the first time in history that a state’s country has overcome its economic issues with the help of cryptocurrency.
According to the recent report issued by the Central Bank, There are some amendments made by the government of El Salvador in which they have given permission to issue $250 million in the form of cryptocurrency-based bonds.
As this rule is issued by El Salvador’s government the name given to these bonds is El Salvador Colon (ESC) which was issued before 2018. This means that the bonds will be accepted as a source of trading.
Esc is also accepted in local trades which means that these bonds will also be taken as both online and local trading. But yet El Salvador has not decided on any specific date for the distribution of these bonds but maybe they will be distributed in the future.
It is one of the vital steps that El Salvador has taken to overcome poverty issues.
Where will bitcoin city be in El Salvador?
Bitcoin city will be built near a volcano known as Conchagua volcano in order to take geothermal from them to empower Bitcoin city.
Is bitcoin in El Salvador?
El Salvador become the first country to accept bitcoin as a legal tender
Who bought bitcoin in El Salvador?
El Salvador’s mayor Nayib Bukele has announced that bitcoin will be accepted as a legal tender.