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November 23, 2021

El Salvador President Plans "Bitcoin City" as Government Cracks Down on NGOs
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In El Salvador, President Nayib Bukele has announced plans to build the
world's first "Bitcoin City" in the eastern, coastal region of La Unión.
Bukele said the city would be financed by cryptocurrency bonds and would
harness geothermal power from a volcano. Many opponents say a Bitcoin
City would likely lead to further displacement and other catastrophic
impacts on local communities. This is President Bukele speaking Sunday.

President Nayib Bukele: "It is going to be right there in the Fonseca
Gulf, and it is going to include everything: residential areas,
commercial areas, services, museums, entertainment, bars, restaurants,
airport, port, rail, everything devoted to bitcoin."

Bukele's announcement comes despite massive opposition to Bitcoin in El
Salvador, which is also the first country in the world to declare the
cryptocurrency as legal tender. Meanwhile several civil society
organizations critical of Bukele's government were raided by the
Salvadoran National Police Monday. The widespread raids targeted
feminist, humanitarian aid and other social justice groups.


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