Watch: El Salvador President Nayib Bukele shares design of upcoming Bitcoin mining facility powered by volcanos

FPJ Web DeskUpdated: Friday, June 11, 2021, 11:43 AM IST
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El Salvador President Nayib Bukele stated his country plans to undertake Bitcoin mining with the power of volcanos. El Salvador is the first country to make cryptocurrency Bitcoin as its legal tender.

He took to microblogging site, Twitter, to share the look of the Bitcoin facility that the country plans to design.

The country is planning this facility so that it can attract crypto entrepreneurs and investors. On June 7, Bukele listed down the positives of operating from El Salvador. He said the country has great weather, world class surfing beaches, and beach front properties for sale; one of the few countries in the world with no property tax; no capital gains tax for Bitcoin, since it will be a legal currency; and immediate permanent residence for crypto entrepreneurs.

Bukele in the past stated Bitcoin has a market cap of $680 billion dollars. If the country attracts even 1 per cent from that, it would increase its GDP by 25 per cent. On the other hand, “Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances”.

El Salvador is the smallest country in land area in Central America and has a population of 64 lakh.

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