Bitcoin City: Latest Plans for El Salvador’s Crypto City

Bitcoin City: Latest Plans for El Salvador's Crypto City

In a dramatic effort to fuel investment in Central American country El Salvador, President Nayib Bukele unveiled a plan at the recent Latin American Bitcoin and Blockchain Conference to build a ‘Bitcoin City’ on the nation’s southeastern coast. 

The plan is a complex one, but relies primarily on a bitcoin-backed bond offering of $1 billion in tokenized bonds via Blockstream’s Liquid Network sidechain, which carries a coupon of 6.5%.  $500 million is to be allocated to the construction of the city and $500 million used to buy more bitcoin.

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