El Salvador, a pioneer in Bitcoin adoption. El Salvador has garnered international headlines for its recent adoption of bitcoin as a legal currency, as crypto-currencies and other digital assets grow more prevalent in the financial
El Salvador is banking on the future and plans to increase financial inclusion in the country, despite the fact that 70% of the population lacks a bank account. One of the government's
key goals is to encourage international investment through decentralizing banking
institutions and lowering the cost of receiving remittances, which account for 16 percent of
the country's GDP.
The Salvadoran government launched the "Chivo" digital wallet in bitcoins and handed each
citizen a USD 30 voucher to spend on products and services as part of its efforts to stimulate
the economy and encourage the usage of BTC. Furthermore, a USD 150 million trust was
established to ensure the conversion of bitcoins into dollars. Due to the current volatility of
crypto-currencies, El Salvador's government has publicly indicated that salaries, pensions, and funds held in Salvadorans' bank accounts will continue to be paid in dollars.
On November 20, El Salvador's President, Nayib Bukele, unveiled the 'Bitcoin City' project, which will be built near the Conchangua volcano in the country's east. The initiative is
expected to cost around 300,000 bitcoins, according to the president's estimations (USD
Binance founder Changpeng Zhao commented during his interview for the Encrypted
Documentary Series Dubai Episode, "El Salvador is a great example, and I think we will see
this industry developing much more actively than in other places". "The economy there will
become much stronger in the next few years. We want to make heavy investments there," he added.
The city pledges to be entirely focused on new technologies, with plenty of open space and a
plan to attract foreign investment. The president discussed digital education, technology, and environmentally friendly public transportation. Bukele stated Bitcoin City will include
residential sections, shopping complexes, restaurants, a harbor, and an airport. From above,
it would appear to be shaped like a bitcoin symbol.
El Salvador, a pioneer in Bitcoin adoption. El Salvador.