El Salvador to build cryptocurrency-fueled “Bitcoin City”

Published November 21, 2021 9:44 AM

By DAVID BARRAZA
Associated Press

LA LIBERTAD, El Salvador (AP) — El Salvador President Nayib Bukele says his government will build an oceanside “Bitcoin City” at the base of a volcano. The announcement came in a rock concert-like atmosphere at a gathering gathering of Bitcoin enthusiasts Saturday night. Bukele says a bond offering in 2022 will be entirely in Bitcoin. And construction is supposed to begin 60 days after financing is ready. The city is supposed to be built near the Conchagua volcano to take advantage of geothermal energy production. El Salvador this year became the first country to adopt Bitcoin as legal currency, alongside the U.S. dollar.

Article Topic Follows: AP National Business

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