Bitcoin City Construction Will Take 10 Years
2022.07.04 19:11
- CEO of JAN3, Samson Mow, said it would take 10 years to complete the Bitcoin City.
- JAN3 signed an MOU last year to facilitate El Salvador’s digital infrastructure.
- The President of El Salvador bought the Bitcoin dip for $1.52 million.
In a recent interview, Samson Mow, the CEO of Pixelmatic and JAN3, estimated that building the Bitcoin City will take 10 years.
The construction of Bitcoin City is one of the flagship projects of Nayib Bukele, the president of El Salvador, who believes the innovation will attract investors to reside and settle in El Salvador.
Moe’s company, JAN3, signed a memorandum of understanding with the crypto-friendly nation to build its digital infrastructure for Bitcoin City last November. “Bitcoin City is easier to contextualize as a special economic region first than as a place with buildings because that will come later,” Mow illustrated.
Among the projects that JAN3 will be handling for El Salvador is the immigration platform for Bitcoin City. This aspect is to facilitate easy citizenship applications for bitcoiners in the city.
“You will have bitcoiners trying to immigrate or apply for citizenship, and they will be uploading documents and all that. It is very important that it be a very secure system and platform,” Mow said.
In June 2021, El Salvador passed a law to accept bitcoin as legal tender in the country, making it the first country to do so. But in September of that year, thousands of people protested against the law, fearing the introduction of the cryptocurrency could lead to instability in the Central American nation.
Nonetheless, the country would later launch a crypto bank, Chivo, to allow citizens to buy and exchange cryptocurrency. On July 1, the country’s president bought 80 bitcoin for $19,000, which amounts to $1.52 million.
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!Thank you for selling cheap pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
