El Salvador hit the newsstand as the first nation to adopt Bitcoin as a legal tender alongside the US dollar. They have had quite an interesting journey from then to now as they embrace the currency. President Nayib Bukele has become Bitcoin’s influential ambassador in the country.
Bukele’s strong actions
President Bukele shocked the world when he announced his plan to adopt BTC at the Bitcoin Miami Conference in 2021. Within a week of the same, the Salvadoran Legislative Assembly passed the Bitcoin Law, granting it to complete legality.
Bukele has gone out of his way to encourage Bitcoin more than expected from a world leader. He uses his social media platforms like Twitter to announce how much BTC the government has been purchasing for its national treasury. He even proposed harnessing geothermal energy from volcanoes to mine crypto!
El Salvador has been building infrastructure to support the easy transition for the latest currency. They have promoted efforts to incentivize Salvadorans citizens to use it as a part of their daily life. Everyday, the government is installing hundreds of Chivo ATMs. Chivo ATMs enable zero-commission transactions to withdraw crypto.
The country hopes to extend the bounds of crypto to every industry and sector. They even announced the construction of a $4 million veterinary hospital, to be funded by the profits of the nation’s Bitcoin Trust.
One step further
Bukele has taken a step in the right direction with his latest announcement for the creation of “Bitcoin City”. It is initially to be funded by $1 billion in BTC bonds. Crypto companies Bitfinex and Blockstream have already stepped up and are ready to support this initiative.
Many citizens have been praising Bukele for his futuristic views for the country deeming him the “coolest president.” Bukele is building up his popularity in the nation as he funnily changed his Twitter bio to “CEO of El Salvador.”
Bitcoin City will provide ‘digital and technology education, geothermal power for the entire city, and effective and reliable public transportation.’ Top crypto industry leaders are saying this will be a game changer. Other countries are starting to understand this is the benchmark being set for a country becoming a crypto hub. More businesses and innovators will migrate to countries that have transparent legislations and frameworks.