El Salvador President Nayib Bukele announced plans to build a 'Bitcoin City' at the base of a volcano. Bukele said geothermal energy would power both the city and energy-intensive Bitcoin mining. The cryptocurrency is legal tender in El Salvador.
The city would be built with attracting foreign investment in mind. There would be residential areas, malls, restaurants and a port, Bukele said. The president talked of digital education, technology and sustainable public transportation.
Critics have warned that the currency’s lack of transparency could attract increased criminal activity to the country and that the digital currency’s wild swings in value would pose a risk to those holding it. Concern among the Salvadoran opposition and outside observers has grown this year as Bukele has moved to consolidate power.