Pro-Bitcoin El Salvador is looking to build the world’s first “Bitcoin City”

The city will be fully ecological, powered by nearby volcanoes

Nayib Bukele, the Bitcoin-friendly president of El Salvador, said at a Bitcoin investment summit on Saturday that his country plans to build the first “Bitcoin City”. The city will be located in the eastern department La Unión, between the municipalities of La Unión and Conchagua. The initial costs for developing the so-called “Bitcoin City” will be funded at the outset by the issuance of Bitcoin-backed billion-dollar bonds in 2022.

Bitcoin maxi Bukele appeared in person to deliver his address at the close of a week-long Bitcoin conference in El Salvador. His appearance was heralded by some high-budget production and fireworks. Bukele told the assembled crowd that Bitcoin City will rely on geothermal energy from nearby volcanoes, and it will be tax-free except for value-added tax (VAT). Said Bukele: “Invest here and make all the money you want. This is a fully ecological city that works and is energized by a volcano.”

Half of the money raised through VAT would be used to pay off the bonds issued to fund the city’s startup costs, while the other half would be used to fund public services, said Bukele, who said 300,000 Bitcoins will be needed to complete the city’s infrastructure.

A third of El Salvador’s population is actively using its bitcoin wallet Chivo

Figures suggests a mixed response to bitcoin becoming legal tender in the country

El Salvador President Nayib Bukele has said a third of the country’s population is actively using the Chivo cryptocurrency wallet, after the government made bitcoin legal tender earlier this month.
Bukele tweeted  at the weekend that 2.1 million Salvadorans were actively using the wallet. “Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that [sic] ALL BANKS IN EL SALVADOR combined,” he said. “This is wild!”

El Salvador officially launched bitcoin as legal tender on September 7, meaning businesses have to accept it as payment, but the rollout was far from smooth.

El Salvador’s Chivo Wallet Saw 500,000 Registrations In One Week

200 Chivo bitcoin ATMs up and running in the country and 50 machines installed in the U.S

The state-owned bitcoin dollar account has over half a million users, 200 ATMs in El Salvador, 50 ATMs in the U.S.

The President of El Salvador, Nayib Bukele, has shared updated information on the state-owned bitcoin and dollar wallet Chivo on Twitter, as well as some news regarding the country’s work towards facilitating BTC usage and exchange.

Bukele disclosed that there are 200 Chivo bitcoin ATMs up and running in the country and 50 machines installed in the U.S., which allow users to top up their app balance with zero commission fees. Los Angeles, San Francisco, Atlanta, Chicago, Dallas, Houston, El Paso, El Doral, Laredo, and McAllen all have working Chivo ATMs installed.