El Salvador is currently planning a project that will allow its citizens to mine Bitcoin. The nation’s president, Nayib Bukele, announced that the head of the project will be the geothermal electrical company LaGeo SV.
The president mentioned in a tweet that he had spoken to the company head, and have both come to an agreement to put forth a plan for BTC mining facilities. These will offer ” Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos…”
The president believes that the El Salvadorian crypto industry will expand at a higher rate than ever.
This announcement was made mere hours after the nation officially recognized Bitcoin as a legal tender, as a result of the nation’s legislature passing a bill with “supermajority”. Financial Magnates reported that a startling 62 legislative members, out of 84 in total, had voted in favor of the pro-Bitcoin bill, with only 19 being against it.
Crucially though, the bill had been proposed by none other than President Bukele himself. It covers many cryptocurrency-related topics, but mostly is will recognize BTC as a legal tender. Moreover, El Salvador citizens can now pay their taxes in BTC, and their current fiat currency, the US dollar, will be deemed a “reference currency” in relation to the digital coin. Last but not least, “economic agencies” will have to accept Bitcoin as a means for payment.
