El Salvador plans to build a ‘Bitcoin City’ and mine crypto using volcano energy

    El Salvador announced Saturday plans to create a “Bitcoin City” near a volcano funded by the cryptocurrency, the President said. Also, the country plans to partner with Blockstream, a digital assets infrastructure company, to raise about $1 billion via a “Bitcoin Bond.” The Central American nation plans to build a “Bitcoin City” near the Conchagua…

    El Salvador becomes the world-first country adopted Bitcoin

    On Tuesday, El Salvador became the first country to adopt Bitcoin as legal tender, although this radical monetary experiment could pose risks to the emerging economy. On the first day, it already suffered teething problems when the government had to unplug a digital wallet to cope with demand. September 7, 2021, will be forever etched…

    Fitch warns Bitcoin bill will pose a risk to credit ratings of El Salvador’ insurers

    Fitch Ratings said in a note on Monday that El Salvador’s move to embrace Bitcoin as legal tender poses a serious risk to its local insurance companies. As Fitch said, Salvadoran insurers will be under pressure to quickly convert Bitcoin to dollars to avoid price risk; otherwise, they could face steep losses. In June, Salvadoran…

    World Bank rejects to assist El Salvador’s Bitcoin implementation

    The World Bank has rejected El Salvador’s request for help on the implementation of Bitcoin as a legal tender. After it comes, Bitcoin hovered below $40,000 on Thursday morning. In Wednesday’s announcement, the World Bank stated it could not assist El Salvador’s Bitcoin implementation because of environmental and transparency drawbacks. “We are committed to helping…