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A year on, El Salvador’s bitcoin experiment is stumbling – Reuters

CONCHAGUA, El Salvador, Sept 7 (Reuters) – A y…….

CONCHAGUA, El Salvador, Sept 7 (Reuters) – A year after El Salvador adopted bitcoin as legal tender, the area where the world’s first cryptocurrency city was meant to be built – a circular metropolis powered by a volcano – is still dense jungle.

President Nayib Bukele had promised that “Bitcoin City” would be a tax haven for crypto investors and miners equipped with an airport, residential and commercial areas, and a central plaza designed to look like a bitcoin symbol from the sky.

“Invest here and make all the money you want,” he said dressed all in white and wearing a reversed baseball cap, in front of hundreds of bitcoin enthusiasts in November 2021.

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But on a recent visit to the area in the shadow of the Conchagua volcano in the east of the Central American country, Reuters found no heavy machinery, construction workers, or raw materials to indicate any progress towards building this grand symbol to bitcoin.

To many it has become, instead, a symbol of folly as bitcoin has crashed.

“This experiment has been very risky, too risky for a poor country,” said Oscar Picardo, director of the Institute of Science, Technology and Innovation at the private …….

Source: https://www.reuters.com/technology/year-el-salvadors-bitcoin-experiment-is-stumbling-2022-09-07/

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