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El Salvador’s Bitcoin City Plan Has Been Shelved
2022/04/26By:
El Salvador’s dream of enabling Bitcoin city has been shelved!
El Salvador has always been one of the most prominent countries in accepting the cryptocurrency industry. They even took Bitcoin as the legal tender of the country in 2021, which shows that they really believe in cryptocurrency.
While introducing Bitcoin as legal tender, the country has also formulated the plan of Bitcoin city. It will include residential and commercial areas, with restaurants, docks, airports and even railway services. The city is arranged as a circle reminiscent of coins, and its vision is to make it a cryptocurrency paradise without income, property or capital gains tax.
Although the project was generally positive, locals in the La Unión region expressed mixed emotions about the plan. They know that this investment will help their economy, but they don’t know whether the government will fulfill their noble commitments.
As you can see, the cryptocurrency market has been crucial to many industries recently. You can see platforms like cryptocurrency online casinos, and even sports gambling websites on the Internet. Bitcoin city will be an amazing development for the market, but unfortunately, it has been shelved.
Many people think that La Unión will be an important city
La Unión has solid potential. When creating a city, infrastructure and space are very important, and La Unión has these two points. Even companies in the region agree that places like Bitcoin city will help them.
Amilcar Alvarado, the manager of La Unión shoe store PAR2, said everyone he knew had a positive attitude towards the latest news. He said, ‘there is no business here, in La Unión. La Unión needs more places like Bitcoin city to help economic growth and La Unión change, as we saw in San Salvador. There should be many places to visit. In laounion, 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 help them further. Everyone knows that the ports there are rarely used, which means that Bitcoin city will help La Union develop into a power city.
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The US dollar remains the largest currency
Although Bitcoin has been recognized as legal tender in El Salvador, the US dollar is still the country’s largest currency. This brings trouble to Bitcoin city’s plan because it may not happen soon. As the plan was shelved, some people said that La Unión was no longer an area of the city because there was a place near Conchagua, a nearby town with a similar port.
The plan is still established in La Unión, but there are many possibilities if the plan continues to change and is shelved. For the Salvadoran people, the mood around Bitcoin is largely positive, but some people talked about its shortcomings. People are still accepting Bitcoin as a legal tender because they need more time to learn everything about it. I hope people will soon accept this idea, because Bitcoin city will be great for the development of El Salvador and the global cryptocurrency market.
It will be exciting to see how people like to use cryptocurrency based platforms, such as encrypted online casinos and sports betting websites they can access. If more people accept this growth, it will be an immortal development in El Salvador.
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