El Salvador's President Admits Bitcoin Adoption Hasn't Been as Successful as He Hoped

Salvadoran President Nayib Bukele recently shared his thoughts on the country's decision to make Bitcoin a legal currency, admitting that the results haven't

El Salvador made history in 2021 when it became the first country in the world to adopt Bitcoin as a legal currency. While this move was met with great fanfare, especially within the cryptocurrency community, it seems that the results haven’t been entirely successful, at least according to Salvadoran President Nayib Bukele.

In an interview with Time magazine on August 29, Bukele admitted that while adopting Bitcoin was a good decision overall, its adoption among the Salvadoran population hasn’t been as widespread as he had hoped.

“A lot more could definitely be done. Bitcoin hasn’t had the widespread adoption we hoped for,” Bukele said in the interview.

He went on to note that while some large businesses in El Salvador, such as McDonald’s, supermarkets, and hotels, do accept Bitcoin, most people in the country aren’t using it as much as he had anticipated.

Despite this, Bukele remains committed to expanding Bitcoin’s role in El Salvador. He continues to champion projects such as “Bitcoin City,” which would be powered by volcanic energy, and a program that would offer citizenship to Bitcoin investors.

“We’re still planning to build Bitcoin City. It will be a circular city at the base of the Conchagua volcano, and it will have everything,” Bukele said, adding that the city will be announced “in a few months.”

“We’re also planning to launch ‘Bitcoin bonds’ soon, and we’ll use a good part of that money to build schools, hospitals, and other things that El Salvador needs,” he concluded.

As for the citizenship program, Bukele stated that it will be launched “in the coming weeks,” and that anyone who invests at least three Bitcoin in El Salvador will be eligible to apply.

“They will be able to apply for permanent residency, which they can get immediately, and then after five years they can apply for citizenship,” the Salvadoran president explained.

Bukele also noted that those who choose to keep their Bitcoin in the country for ten years will be exempt from paying any taxes on their Bitcoin gains, and that the government will be offering a special “Bitcoin visa” to foreign investors.

The above is the detailed content of El Salvador's President Admits Bitcoin Adoption Hasn't Been as Successful as He Hoped. For more information, please follow other related articles on the PHP Chinese website!