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El Salvador Will Build a ‘Bitcoin city’ At the Base of a Volcano

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Nayib Bukele is the President of El Salvador. It is the smallest country in Central America. Bukele released the design of a bitcoin city under construction. He said that this form of development is quite beautiful. President Bukele shared photos on social media of a model of the city of Crypto. The city will be built near the Conchagua volcano on the Gulf of Fonseca in the southeast of the Central American country.

It is one of the major projects of the President. Bitcoin City was first announced six months ago during the Latin American Bitcoin and Blockchain Conference. This design has come to the world at a time when the crypto market is in a bearish phase. The market has fallen by 50 percent from its high in November last year.

First country to adopt bitcoin

El Salvador is the first country in the world to recognize it as an official currency last year. Under this, government has invested millions of dollars of government funds in cryptocurrencies. On this Monday, the country invested 30 thousand dollars here.

On the other hand, according to data from a recent survey by the US-based National Bureau of Economic Research, only 20 percent of Salvadorians are using bitcoin. Most of the people here are still dependent on the US dollar. The International Monetary Fund (IMF) has also warned that the official adoption of bitcoin could pose major risks to financial stability and consumer protection.

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