{"id":51432,"date":"2024-08-14T01:08:00","date_gmt":"2024-08-14T01:08:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/yilport-investment-el-salvador-bitcoin-city"},"modified":"2024-08-14T04:08:09","modified_gmt":"2024-08-14T04:08:09","slug":"1-6b-port-investment-could-revive-el-salvadors-bitcoin-city-plans","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51432","title":{"rendered":"$1.6B port investment could revive El Salvador\u2019s Bitcoin City plans"},"content":{"rendered":"

<\/p>\n

Turkish port and terminal operator Yilport Holdings has committed $1.6 billion to two port projects in El Salvador. This is the largest private investment in El Salvador\u2019s history and could finally bring the Central American country\u2019s ambitious Bitcoin City into being.<\/p>\n

Salvadoran President Nayib Bukele announced the deal in a video on his X account. Yilport and El Salvador\u2019s Comisi\u00f3n Ejecutiva Portuaria Aut\u00f3noma (Autonomous Port Executive Commission, CEPA) will operate the Acajutla and La Uni\u00f3n ports in a joint venture for 50 years.<\/p>\n

The port of Bitcoin City<\/h2>\n

Construction of La Uni\u00f3n port started in 2005, but the port was never launched, according to the video on Bukele\u2019s X account. La Uni\u00f3n is the site of the proposed Bitcoin City. Bukele announced the development of Bitcoin City in 2021, just months after making the cryptocurrency legal tender in the country. The new city would run completely on Bitcoin (BTC) and be exempt from all taxation except value-added tax.<\/p>\n

The country\u2019s National Bitcoin Commission Office was eager to make the connection between the revival of the port and the Bitcoin City project. \u201cBig money is ATTRACTED to BITCOIN COUNTRY,\u201d Max Keiser, senior Bitcoin adviser to Bukele, posted\u00a0on X. Bitcoin Office director Stacy Herbert also\u00a0noted:<\/p>\n

\u201cPresident Bukele has rescued so much that had [been] abandoned in El Salvador.\u201d<\/p><\/blockquote>\n

\"\"
Source: Stacy Herbert<\/em><\/figcaption><\/figure>\n

Related: <\/em><\/strong>Bitfinex to refund investors of its failed El Salvador Hilton hotel project<\/em><\/strong><\/p>\n

Bitcoin City financing has to come from somewhere<\/h3>\n

Bitcoin City was originally intended to be financed by a $1-billion Bitcoin bond. That bond was also known as the Volcano Bond due to plans to generate the energy to mine the Bitcoin to back it using geothermal power from extinct volcanoes. Blockstream and Tether-linked iFinex were slated to provide technical support\u00a0for it. Blockstream chief strategy officer Samson Mow left that company and formed Jan3, which pledged to help create El Salvador\u2019s Bitcoin City.<\/p>\n

The Volcano Bond made it through the legislative and regulatory hurdles in December but missed its expected first-quarter launch. Now, the Yilport-CEPA project should see dredging and the purchase of heavy equipment at La Uni\u00f3n by the end of the year.<\/p>\n

\"\"
Source: Nayib Bukele<\/em><\/figcaption><\/figure>\n

Magazine: <\/em><\/strong>BlackRock revises BTC ETF filing, El Salvador\u2019s crypto citizenship trending, and more: Hodler\u2019s Digest, Dec. 10\u201316<\/em><\/strong><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Turkish port and terminal operator Yilport Holdings has committed $1.6 billion to two port projects in El Salvador. This is the largest private investment in El Salvador\u2019s history and could finally bring the Central American … $1.6B port investment could revive El Salvador\u2019s Bitcoin City plans<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51433,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,143,3812,5652,6985,6984],"class_list":["post-51432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-btc","tag-cryptonews","tag-emilynews","tag-salvadorbtc","tag-uselection","exalt-entry"],"yoast_head":"\n$1.6B port investment could revive El Salvador\u2019s Bitcoin City plans - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51432\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$1.6B port investment could revive El Salvador\u2019s Bitcoin City plans - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Turkish port and terminal operator Yilport Holdings has committed $1.6 billion to two port projects in El Salvador. 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