Developing a Bitcoin City is right now the main priority for El Salvador, which in September 2021 became the first country to recognize Bitcoin (BTC) as a legal currency.
Because the plans were first announced the year before, there have been a number of setbacks and alterations due to the bear market-induced investment famine and geopolitical concerns.
The deputy head of mission of El Salvador to the Netherlands, Héctor Enrique Celarié Landaverde gave some remarks on the status of the nation’s much-publicized initiative.
According to Landaverde, the government operates on the principle of first come, first served, with better returns going to companies that invest early. He clarified: “The dream of El Salvador is to have a Bitcoin City and from there to make our society bigger, stronger. We are trying to attract more and more investments to this area so we can develop these communities.”
The use of Bitcoin (BTC) in the nation has undoubtedly had an influence, according to the deputy ambassador. He extended an invitation for visitors to El Salvador to experience firsthand how Bitcoin (BTC) is transforming livelihoods.
The first crypto sovereign-debt instrument in the world, the $1 billion Bitcoin (BTC) volcanic bonds, were sold as part of the famous Bitcoin City, which was unveiled in November 2021. At the height of the bull market, the debt instrument was the center of attention. Nevertheless, there is still uncertainty due to previous setbacks and a severe market collapse.