El Salvador is set to build the world’s first crypto-currency city, a move being applauded by an Alberta bitcoin company.
President Nayib Bukele announced the country is partnering with the digital assets firm Blockstream to raise about $1 billion for a “bitcoin bond.”
Half of the funds raised from the bond will be used to purchase more bitcoin, and the other half will be used for energy and bitcoin mining infrastructure.
Markets Insider reported the crypto-city will be built next to Conchagua volcano in southeastern El Salvador and will have an airport as well as commercial and residential areas.
The proximity to the volcano is meant to facilitate geothermal energy for the project with construction is set to begin in 2022.
Under Bukele, El Salvador became the first nation to make bitcoin legal tender.
Earlier this month, Bukele said El Salvador’s bitcoin profits will be used to build 20 new schools.
“It’s fantastic that El Salvador has big plans to embrace bitcoin,” said Dave Bradley, chief revenue officer of Alberta’s Bitcoin Well.
“In the bitcoin community, we like to say “Don’t Trust, Verify.” I’m excited to see if they can execute on this big vision.”