HomeCryptocurrencyEl Salvador aims to revive its economy with Bitcoin

El Salvador aims to revive its economy with Bitcoin

The Central American country, El Salvador, which broke new ground in the world by accepting Bitcoin as its official currency, is accelerating its steps in the field of crypto money with its initiatives such as establishing a “Bitcoin City”, issuing Bitcoin bonds and mining Bitcoin with volcanic energy.

El Salvador, the first country to recognize Bitcoin as an official means of payment, aims to become a “crypto paradise” with its breakthroughs in this area.
Bitcoin initiatives led by the President of the Central American country El Salvador, Nayib Bukele, are incessant.


El Salvador, which first went down in history after the bill on the recognition of Bitcoin as a “legal currency” was passed by the congress in June 2021, became the first country to officially put Bitcoin into circulation in September 2021.

While the way for businesses in the country to accept the crypto currency Bitcoin has been paved, companies and citizens have become able to even pay their taxes with crypto money. At that time, President Nayib Bukele stated that they bought 200 more Bitcoins and 400 Bitcoins with a total market value of 21 million dollars, emphasizing that the government aims to buy more crypto money.

el salvador bitcoin


El Salvador also took action for the “Bitcoin City” after the mining movement. President Bukele announced that in November 2021, they will establish a city called “Bitcoin City” around the Conchagua Volcano in the south east of the country.

bitcoin city

Stating that the government will support and attract investors for the land of the Bitcoin city, Bukele noted that the establishment of the city is estimated to cost about 300 thousand Bitcoins.

Bukele stated that everything in the city will be digital, and there will be office areas, social facilities and green areas to facilitate business and technology investments. It was noted that in the city, where it was announced that there will be no income tax application, only value added tax (VAT) will be collected and half of the collected taxes will be used to invest in the construction of the city and the other half will be used for the maintenance and repair of the city.

Construction of the city is expected to begin this year.

  • Click to become a member of the world’s largest crypto exchange Binance: Binance
Mehmet S. Kaya
Mehmet S. Kayahttps://teknonel.com
Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

Follow us on Social Media!


Related Articles

Binance’s BNB Chain bridge was hacked: $718 million lose is calculated

The BNB Chain developed by the cryptocurrency exchange Binance was hacked in the early morning of the 7th! The official cross-chain bridge (BSC Token...

Microstrategy is not afraid of bear market and buys 301 Bitcoins

Long-term optimistic about Bitcoin's micro-strategy, he entered the market again to buy 301 BTC, with a total investment of about 6 million US dollars,...

Hackers use Deepfake to impersonate Binance executives’ faces for cryptocurrency scams

A Binance executive pointed out that the hacker group used Deepfake (deep fake technology) to create an AI holographic projection like his face, and...

ETH option contracts will be released before Ethereum upgrade on September 15

Ethereum is about to usher in the much-anticipated Ethereum 2.0 mainnet on September 15th. Many people believe that Ethereum will usher in a surge...

Explore More Articles

Best 300 - 350 Watt Power Supply Units-min

4 Best 300 – 350 Watt Power Supply Units

The power supply provides electrical current to all of the computer components. The power supply unit must have sufficient power to supply the various...
The world's largest electric boat with a capacity of 2,100 people

The world’s largest electric boat with a capacity of 2,100 people

Electric vehicles can help reduce carbon emissions, so if ferries that are larger and use more fuel are electrified, can they further reduce carbon...
Truck-Sized Asteroid passed 3,600 kilometers closer than many satellites-min

Truck-Sized Asteroid passed 3,600 kilometers closer than many satellites

The National Aeronautics and Space Administration (NASA) stated that an asteroid the size of a truck passed over the southern tip of South America...