James Atkins
Editor
Editor
CEO of JAN3, Samson Mow, reveals that it will take about 10 years to complete the building of the Bitcoin City. Bitcoin City is a proposed Bitcoin-themed city in El Salvador.
In an interview with Bitcoinist, Mow said that Bitcoin City is currently in its early stages of development. He also said that the construction process will be gradual, with the first phase expected to be completed in two to three years.
Mow added that Bitcoin City will be a Bitcoin-friendly city, with several businesses and services that accept Bitcoin as payment.
He also said that the city will have its Bitcoin exchange and ATM and that there will be a Bitcoin school to educate residents about Bitcoin.
On March 25, 2016, JAN3 announced that it had signed a land-lease agreement with the El Salvador government to establish a Bitcoin City. According to Mow, construction is moving forward as planned, but it will take at least ten years to finish.
The building of a Bitcoin City is one of Nayib Bukele’s major initiatives as president of El Salvador. President Bukele feels that Bitcoin City is a fantastic innovation that will bring investors to settle and reside in the nation.
In an interview, Mow states
“Bitcoin City is easier to contextualize as a special economic region first than as a place with buildings because that will come later.”
El Salvador’s government will rely on JAN3 to run the immigration policy for Bitcoin City. The immigration platform will be developed to make it simple for bitcoiners in the city to acquire citizenship. Mow says;
“You’ll have bitcoiners attempting to migrate or acquire citizenship, and they’ll be uploading paperwork. It must be a highly secure system and platform.”
Last year, in September, El Salvador made history by being the first country to pass a law to accept BTC as legal tender. The law became effective in June 2021 after some protests against it in the country.
Bitcoin City is being built in the country as a special economic zone to attract crypto and blockchain businesses. The city will have its cryptocurrency, the Bitcoin City Token (BCT), which will be used to pay for goods and services in the city. It is hoped that the city will become a hub for Bitcoin and blockchain innovation.
The El Salvador government was alerted to the dangers of adopting Bitcoin as a legal currency by several global financial institutions, including the World Bank and the International Monetary Fund (IMF).
However, the government persisted with its plans, and Bitcoin City is now under construction. The first phase of the project is expected to be completed in 2023.
JAN3 CEO, Samson Mow, has now revealed that the entire project is expected to take 10 years to complete.
In an interview with Bitcoin Magazine, Mow says:
“Right now we are in the design and pre-construction phase. The first buildings should be completed in 2023, but the whole city will take 10 years to build.”
Bitcoin City will be located in the municipality of La Union and will span an area of 2,000 acres.
Despite this, El Salvador has launched a Chivo wallet to allow its citizens to purchase and trade cryptocurrencies.
The government of El Salvador has also been purchasing bitcoins. In a Tweet, President Bukele utilized the bear market in July to acquire 80 bitcoin for $19,000, or $1.52 million.
Bukele has also been quoted as saying that he sees Bitcoin as a way to protect the country’s reserves from U.S. sanctions.
Wow, Bitcoin City! I can’t wait to see what it will look like. I am sure you too have something to say. Hit the comment section and share your thoughts.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
