As El Salvador, a Latin American country, adopted Bitcoin as the world’s first fiat currency, global cryptocurrency talents are heading to El Salvador, CoinDesk, a media specialized in cryptocurrency, reported on the 28th (local time).
Ray Youssef, who is a self-proclaimed Bitcoin evangelist in developing countries, said, “The adoption of Bitcoin as a legal currency in El Salvador is human progress.
Blockstream, a bitcoin infrastructure building company, also plans to set up a bitcoin mining plant in El Salvador on the 5th and decided to build a bitcoin network in El Salvador.
“Bitcoin can be mined cheaply by using geothermal heat in El Salvador, where there are many volcanoes,” said Sampson Mou, Chief Strategy Officer of Blockstream.
Coindesk reported that not only these people, but also talented people in the Bitcoin industry are making new homes in El Salvador.
El Salvado President Nayves Bukele said in a recent press conference that he intends to “make El Salvador the Switzerland of Latin America by adopting Bitcoin as a fiat currency.”
He added, “We want El Salvador to be a bitcoin mining hub that can take advantage of its abundant geothermal resources, a hub for blockchain software development, and a consumer paradise for crypto-rich people.”
“If El Salvador adopts Bitcoin as its official currency, Bitcoin-rich people will flock to El Salvador to enjoy tourism,” he said. “This will be a huge boost to El Salvador’s economy.”
To this end, he is concentrating on promoting the legal currency of Bitcoin, such as exempting the capital gains tax on cryptocurrency and paying $30 worth of Bitcoin to citizens who open a Bitcoin wallet. El Salvador plans to officially launch Bitcoin from September 7th.
According to CoinDesk, he is pursuing such a plan because he is trying to make El Salvador, which has a population of only 6.5 million and no special industry, into a ‘bitcoin paradise’ as a driving force for economic growth.
