Korean expertise essential to accelerate El Salvador logistics transformation: ambassador
Korea HeraldJUL 2022
Bitcoin City is a visionary plan to put El Salvador at the forefront of the digital future. It will encourage foreign investment through a progressive tax scheme whereby foreign investors will pay only value-added taxes that go toward municipal infrastructure, maintenance, and bond payments. If everything goes as planned, these incentives will spur more people to adopt bitcoin, ultimately benefiting the crypto market and El Salvador as a whole.
Most Salvadorans aren't as enthusiastic as Bukele about Bitcoin City. Eight months after the country introduced its own e-wallet with a $30 reward for joining, only 20% of Salvadorans are still using the service, with most opting to stick to cash. As the price of bitcoin continues to fall and its adoption by the country's populace continues to fail, Bitcoin City will need more than just tax incentives to thrive.