El Salvador has attracted international attention by becoming the first country to use Bitcoin as a legal tender. The country is now going through a massive transition period. The president of the country has plans to run the Bitcoin mining rigs with the help of the energy produced from the geothermal generators that are built on the volcanoes present in the region.
On the other hand, the government has also introduced a new Bitcoin wallet called Novi. To promote the token, the government allocated $30 worth of Bitcoin as a signup reward for every Salvadorian citizen. However, the newest project of the country is called a new city that is going to be called The Bitcoin City.
The official Twitter account of Casa Presidential or the President House of El Salvador has recently announced the Bitcoin city plans for the future. The tweet claims that the city is going to be built on the land between the cities of Conchagua and La Union. The tweet was noticed by the 841K followers of the Casa Presidencial and also went viral.
The account also added a digital representation of the Bitcoin city with an animated video. According to the official, the city is going to be equipped with the latest technologies and will be able to attract more attention than all the other urban centers around the world. According to President Nayib Bukele, the government has planned to issue a Bitcoin bond to finance the project.
El Salvador has Partnered with Blockstream
The government of El Salvador has joined hands with the Bitcoin payments services provider Blockstream to release its first-ever Bitcoin bonds. Samson Mow, the CSO of Blockstream, told the media that the management of the crypto organization has been working with the Salvadorian government officials for months to design the suitable bond design and modeling.
Mow also told the media the government is planning to deploy the new bonds on the liquidity network of Blockstream to introduce a $1 billion bond based on Bitcoin. He further added that the bond is going to accelerate the accumulation of Bitcoin in the region. The $500 million from the BTC bond project is going to go towards the Bitcoin city, and the other half will be allocated to Bitcoin mining infrastructure. The government of El Salvador has been adding Bitcoin to the federal treasury since September.