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NewsBTC 2021-11-21 09:00:06

El Salvador Announces World’s First Bitcoin City, Backed By $1B Bitcoin Bonds

El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. This move has witnessed many developments, as well as some pushback. Amid protests, technical glitches, and inevitable market volatility, El Salvador continues to drive BTC adoption. Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President In its latest Bitcoin adoption move, the Central American country plans to build a city based on the world’s largest cryptocurrency. President Nayib Bukele announced the Bitcoin City initiative at El Salvador’s Bitcoin Week conference on Saturday night. The conference is a celebration of Bitcoin’s mainstream adoption in the country. In partnership with crypto firms Blockstream and BitFinex, Bukele plans to issue $1 billion in tokenized USD-denominated 10-year bonds to fund this project. The Proposed Bitcoin City Paolo Ardoino, Bitfinex CTO, says the exchange will support the initiative by launching a securities platform to hold the bonds. Blockstream Chief Security Officer Samson Mow also clarified the feasibility of sourcing the $1 billion Bitcoin bonds. “With Bitfinex, they have a lot of whales. I don’t see a problem filling up a $1 billion bond.” In an announcement by Blockstream, Mow also said that the $1 billion will be split into two parts. $500 million will go towards building energy and Bitcoin mining infrastructure in the region. The other ...