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El Salvador’s 43rd president is Nayib Bukele. Bukele has a high level of official support within the nation despite being viewed as a problematic president by the rest of the globe. El Salvador was the first nation to formally recognize Bitcoin as legal cash under Bukele. A tax-free “Bitcoin City” is currently being planned by the president, and work on it is expected to start this year.
According to Bukele, his Bitcoin City’s construction will start in 2022. In order to develop the “tax-free” metropolis, the president said he wanted to entice foreign investment. He will probably spend time pursuing these investors over the coming year.
Bukele anticipates using half of the money obtained to pay down the $1 billion bond and using the other half to build up the city’s extra infrastructure. Although Bitcoin City has drawn criticism, the president has no plans to halt its development.