A new measure affirms the government’s intention to spend $1 billion in the building of a “Bitcoin city.”
El Salvador took a crucial step toward the implementation of its ambitious “Bitcoin bonds” concept during the crypto market decline. Maria Luisa Hayem Brevé, minister of the economy, proposed a law stating the government’s intention to generate $1 billion and spend it on the development of a “Bitcoin city.”
A 33-page digital securities bill issued on November 17 encourages legislators to provide a legislative framework for the use of digital assets in El Salvador’s public issuances.
Throughout the last year, the project has been continually postponed; at one point, its launch phase was slated for the beginning of March, then it was pushed back to September, and then it was delayed again for “security concerns.”
According to some reports, MPs may ratify the measure before Christmas. Paolo Ardoino, the chief technical officer of the cryptocurrency exchange Bitfinex, which partners with the government of El Salvador on the bonds initiative, seemed hopeful about that time period.
After BTC became legal money on September 7, 2021, El Salvador had over 2,301 BTC worth around $103.9 million. During the bull market, the investment profits were even utilized to construct schools and hospitals. Nonetheless, as the economy continues to suffer, 77.1% of Salvadoran voters urge that the government avoid “spending public money on Bitcoin.”
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