El Salvador, which became the first nation to make Bitcoin (BTC) legal tender in September last year, is currently focused on building a Bitcoin City. There have been several delays and disruptions to the plans since their announcement last year due to the investment drought caused by the bear market and geopolitical tensions.
Cointelegraph reporter Joseph Hall contacted Héctor Enrique Celarié Landaverde, El Salvador’s deputy ambassador to the Kingdom of the Netherlands, to hear about the country’s progress on his much-heralded project.
Landaverde told Cointelegraph that the government is following a “first come, first served” approach, where companies that get ahead with their investment will reap better returns. He explained:
“El Salvador’s dream is to have a Bitcoin City and from there to make our society bigger, stronger. We are trying to attract more and more investment to this area so that we can develop these communities.”
The deputy ambassador noted that the use of BTC in the country has definitely had an impact. He also invited people to the country to see for themselves how BTC is changing lives.
The iconic Bitcoin City was announced in November of last year; It would be funded in part by the $1 billion volcanic bond sale of Bitcoin, the world’s first cryptocurrency sovereign debt product. Debt product was a center of attraction at the peak of the bull market. However, several delays in the past and a bear market decline have cast a shadow of uncertainty.
Last month, Bitfinex CTO Paolo Ardoino told Cointelegraph that they were first waiting for an issuance license from the government, which would be granted after the passage of the digital securities bill, scheduled for September. However, there has been no update on the release of the Bitcoin bonus in mid-October.
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