More than two months have passed since bitcoins began to circulate as legal currency in El Salvador, and a recent survey revealed that, when Salvadorans can choose which currency to pay with, 91.4 percent of people use the dollar, while only a 4.9 percent favor bitcoins. "That of the president is for other people.” They do not serve us, because here everything is still pure dollars," said Meléndez, who works in a factory in the enterprise zone of San Bartolo. “In Soyapango, nobody uses those bitcoins, neither my friends nor my neighbors, nor do they receive them in the store. "That money could be invested in health and education."īukele said his planned city will be totally ecological and that it will have almost total exemption from taxes: Only a value-added tax will be charged - 13 percent - of which 6.5 percent will go to issue bonds to build the city, and the rest of which will be managed by the municipality for public services and other urban needs. We must remember that we are one of the poorest countries in the region," said José Miguel Cruz, the director of research at the Kimberly Green Latin American and Caribbean Center at Florida International University. “El Salvador has the natural resources to generate that energy, but it does not have the infrastructure. Bukele promised that it will be very close to the Conchagua volcano, whose geothermal energy will power bitcoin mining, as well as the city’s needs. No technical plan for the project has been disclosed. But several analysts and experts say it's impossible for a project of that magnitude to materialize in the coming years.
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