El Salvador’s Bitcoin City Plans are Put on Hold

El Salvador's dream of inaugurating a Bitcoin City has been put on hold!

El Salvador has been one of the most prominent countries when it comes to accepting the crypto industry. They have even made Bitcoin a legal tender in the country in 2021 which shows that they truly believe in cryptocurrencies.

Alongside the rollout of Bitcoin as a legal tender, the country also laid out plans for a Bitcoin City. It will include residential and commercial areas with restaurants, piers, airports, and even a rail service. The city was laid out in a circle reminiscent of a coin and the vision was for people to treat it as a crypto haven with no income, property or capital gains taxes.

Despite the overall positives of the project, locals from the La Unión area had expressed mixed emotions about the plans. They know that the investment will help their economy but they don't know if the government will fulfil their lofty promises.

You can see that the crypto market has been crucial to many industries as of late. You can see platforms like the crypto online casino or even the sports betting sites on the internet. A Bitcoin City will be an amazing development for the market but unfortunately, it has been put on hold for now.

Many believe La Unión will become an important city

La Unión has solid potential. Infrastructure and space are important when creating a city and La Unión has both of them. Even the businesses in the area have agreed that places like Bitcoin City will be helpful to them too.

Amilcar Alvarado is the manager of the La Unión shoe store franchise Par2 and he said that everyone he knew was positive about the recent news. He said, 'Here, in La Unión, there is little commerce. La Unión needs more places like Bitcoin City to help the economy grow and La Unión change, as we see in San Salvador. There should be many places to visit. In La Unión, we only have the bay and certain shops'.

If people see La Unión benefiting from Bitcoin City, you can expect that the rest of the country and the world can probably help them develop further. Everyone knows that the port there is sparingly used which means that the Bitcoin City will help La Unión grow into a powerhouse city.

The dollar is still the number one currency in El Salvador

While Bitcoin has been recognized as a legal tender in El Salvador, the US dollar is still the number one currency in the country. This has thrown a wrench into the plans for Bitcoin City because there is a likelihood that it doesn't happen anytime soon. With the plans now on hold, some people are saying that La Unión is not the area for the city anymore because there is a location near Conchagua which is a nearby town with a similar port.

The plan is still to establish it in La Unión but if the plans continue to change and be put on hold, there are many possibilities. The sentiment around Bitcoin has been largely positive for the people of El Salvador but there are a few who have talked about its drawbacks. The population is still getting to terms with Bitcoin as a legal tender as they need more time to understand everything about it. Hopefully, people will warm up to the idea soon because Bitcoin City will be huge for the development of El Salvador and the worldwide crypto market.

It will be exciting to see how much people like to use crypto-based platforms like the crypto online casino and sports betting sites that they can access. It will be a monumental development for El Salvador if more people are accepting that kind of growth.

Disclaimer: The information provided in this article is solely the author's opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.