El Salvador’s dream of opening Bitcoin City has been suspended!
El Salvador has been one of the most prominent countries when it comes to accepting the cryptocurrency industry. They made Bitcoin legal tender in the country in 2021 which shows that they really believe in cryptocurrencies.
Besides introducing Bitcoin as a legal currency, the country has also made plans for the City of Bitcoin. It will include residential and commercial areas with restaurants, docks, airports, and even a railway service. The city was laid out in a circle reminiscent of a coin and the vision was for people to treat it as a crypto haven without income, property or capital gains taxes.
Despite the overall positives of the project, locals from the La Union region expressed mixed feelings about the plans. They know the investment will help their economy but they don’t know if the government will keep its lofty promises.
You can see that the crypto market has been crucial to many industries recently. You can watch platforms like crypto casino online or even online sports betting sites. Bitcoin City is going to be an amazing development for the market but unfortunately, it has been put on hold for now.
Many believe that La Union will become an important city
La Unión has strong potential. Infrastructure and space are important when creating a city, and both are in La Unión. Even companies in the region agreed that places like Bitcoin City would be beneficial for them as well.
Amilcar Alvarado is the manager of shoe store La Unión Par2 and said everyone he knows has been positive about the recent news. He said, ‘Here, at La Unión, there is a little commerce. La Unión needs more places like Bitcoin City to help the economy grow and change La Unión, as we see in San Salvador. There must be many places to visit. At La Unión we only have the bay and some shops.
If people see La Unión benefiting from Bitcoin City, you can expect the rest of the country and the world to likely help them develop further. Everyone knows that the port there is underused which means that Bitcoin City will help La Unión grow into a strong city.
The dollar is still the number one currency in El Salvador
While Bitcoin has been recognized as legal tender in El Salvador, the US dollar is still the number one currency in the country. This threw a mess in Bitcoin City’s plans because it likely won’t happen any time soon. With plans now on hold, some people are saying that La Unión is not a city district anymore because there is a site near Conchagua which is a nearby city with a similar port.
The plan is still in place in La Union, but if plans keep changing and delaying, there are many possibilities. Sentiment about Bitcoin has been largely positive for the people of El Salvador but there are few who talk about its flaws. Residents still treat Bitcoin as a legal currency because they need more time to understand everything about it. We hope that people will prepare for the idea soon because Bitcoin City will be huge for the development of El Salvador and the crypto market across the world.
It will be interesting to see how willing people are to use crypto-based platforms like online crypto casino and sports betting sites they can access. It would be a huge development for El Salvador if more people accepted this kind of growth.
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