- El Salvador is the first country to recognize Bitcoin as legal tender.
- Bitcoin City is recognized as a sustainable and highly efficient project.
- El Salvador is building the new city in the east of the country, with clean energy sourced entirely from nearby volcanoes.
El Salvador made history when it became the first country in the world to adopt Bitcoin (BTC) as legal tender. The country also announced an ambitious project dubbed “Bitcoin City” – a move that continues to inspire many other countries and jurisdictions around the world.
Most importantly, and in one of the many positive news surrounding El Salvador Bitcoin betting, the environmentally friendly Bitcoin City project has gained international recognition.
According to a news report by Noticias de Bariloche, Bitcoin City won an award after its architectural design was approved by a panel of experts.
The award was given by LOOP, a sustainable architecture and design studio based in Costa Rica. According to the LOOP Designs Awards 2022 website, Bitcoin City was chosen for the category from a pool of 705 entries from 56 countries.
A volcano-powered bitcoin city
EL Salvador’s Bitcoin City is a new city project under development in the east of the country, designed by Fernando Romero Enterprises EE, a Mexico-based design studio. The project features revolutionary urban planning using Bitcoin and nearby volcanoes that support financial investments and daily activities.
The volcano (Tecapa and Conchagua) will provide clean energy.
“There are a number of incentives for investors that will make this city a reference on how to make an efficient and sustainable city at the same timeLOOP wrote in a brief description of the project.
As previously reported by CoinJournal, Bitcoin City is expected to take at least ten years to build.
El Salvador is proving the critics wrong on bitcoin betting
On Tuesday, El Salvador’s President, Nayib Bukele, criticized the international media for their negative reporting on the country since it adopted Bitcoin as legal currency. His comments came as the country has fully paid off $800 million in outstanding bonds — despite the Bitcoin price dropping in 2022.
Major media reports have indicated that El Salvador risks default if it fails to strike a deal with the International Monetary Fund. President Bukele criticized forecasts by “experts” and rating companies for their “lies”.
Yesterday El Salvador proved that the big media, the “experts”, financial analysts and credit rating agencies, shamelessly lie to the people, their audiences and their clients.
Next time they say anything, remember that. https://t.co/Lb2uDPlYxr
– Nayib Bukele (@nayibbukele) January 24, 2023