The country of El Salvador has picked an architect for his attention-grabbing bid to lure cryptocurrency investment to the small Central American nation.
FR-EE founder Fernando Romero is now in charge of the country’s Bitcoin City development and plans to add a new Pacific airport, according to an announcement made on social media from President Nayib Bukele Tuesday.
Somewhat similar to the layout of the new “crypto paradise” private island development in Vanuatu, plans revealed this week display a concentric design with outlying nodes connected to a central plaza, itself forming the shape of a Bitcoin logo. The pop-up city, which includes an airport concept similar FR-EE’s contribution to the abandoned design for a new international airport in Mexico City, will be located at the base of the Conchagua Volcano (also its power source for mining operations) along El Salvador’s southern coast.
While Bukele’s rhetoric displayed confidence in the future of the project, recent economic reporting has indicated that the country is yet to successfully obtain the $10 Billion USD blockchain bond it needs to finance the controversial leader’s marquee economic project. The 40-year-old former marketing professional is currently coming off of a week where he effectively doubled down on his country’s investment in the tanking cryptocurrency by acquiring another 500 tokens to go with the $15 million worth he purchased at the onset of the market instability in January.
In the end, the international monetary system may offer the final word as to whether the project ever actually gets off the ground. Bitcoin City has no publicly-available timeline for the time being. Still, agencies such as Moody’s may have offered us a clue last week when they downgraded the country’s credit rating to an abysmal ‘Caa1’, indicating that it was at high risk for a potential default on several loans.
5 Comments
I hope the country survives this stupidity. I also hope this moronic idea fails.
La historia a demostrado que el desarrollo esta a favor de los que arriesgan, a pesar de personas ideologizadas, el país está en la ruta del desarrollo no importa de cuantos están deseando que este pueblo siga en el pasado (subdesarrollo).
When a PR shill gets to run a country ...
the timing on this is perfect
honestly, devastated for the people of El Slavador who are going to suffer for this
cryptodekaphobia
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