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El Salvador president plans ‘Bitcoin City’ financed by crypto bonds

AFP

President Nayib Bukele said El Salvador plans to build the world’s first “Bitcoin City”, powered by a volcano and financed by cryptocurrency bonds. 

Bitcoin City “is gonna include everything: residential areas, commercial areas, services, museums, entertainment… airport, port, rail,” Bukele said at the Latin American Bitcoin and Blockchain Conference on Saturday. 

El Salvador, which has used the US dollar for two decades, was the first country in the world to legalize bitcoin as legal tender. 

Bukele said the Conchagua volcano “will power the whole city and will also power the mining.”

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Bitcoin mining is the process by which new bitcoin is created using computers that solve complex mathematical problems — a process which demands huge amounts of energy. 

In El Salvador, some of that energy comes from a geothermal plant fed by the Tecapa volcano. 

Bukele said the city would initially be powered by the Tecapa plant before his government builds a new geothermal plant powered by Conchagua.

“Zero Co2 emissions. This is a fully ecological city,” Bukele told the crowd.

To fund the project, El Salvador will issue $1 billion “bitcoin bonds” in 2022, according to Samson Mow, chief strategy officer of Blockstream, a blockchain tech provider. 

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On stage with Bukele, Mow said half of “volcano bonds” would be invested in bitcoin, and the other half in infrastructure. 

“El Salvador will be the financial center of the world,” Mow said.

Bukele said that Bitcoin City will only charge value added tax (VAT). 

“We will have zero income tax. Zero percent forever. Zero capital gains tax… zero property tax, zero payroll tax,” he said. 

No timeline was given for Bitcoin City’s construction.

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Central America

Nicaragua’s Ortega and Murillo Mourn Pope Francis, Acknowledge ‘Difficult’ Relationship

Nicaraguan President Daniel Ortega and Vice President Rosario Murillo, who also serve as co-leaders of the country, expressed their condolences on Monday following the death of Pope Francis, acknowledging that their relationship with the late pontiff had been “difficult” and “troubled.” Nicaragua officially suspended diplomatic ties with the Vatican during his papacy.

“Our relationship, as Nicaraguans who are believers, devoted and faithful to the doctrine of Christ Jesus, was difficult and troubled—unfortunately shaped by adverse and painful circumstances that were not always understood,” Ortega and Murillo wrote in a message of condolence.

“Despite the complexity and hardships, despite the manipulation we all know occurred, despite everything, we kept our hope alive through Christian faith,” they continued. “We understood the distance, and above all, the complicated and strained communication that prevented better relations. We also recognized the confusion caused by strident voices that disrupted any attempt at genuine interaction.”

Pope Francis had previously compared the Ortega regime to communist dictatorships and even to Hitler, a remark that further strained relations between Managua and the Holy See.

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Central America

Cardinal Rodríguez to Attend Funeral of Pope Francis: “He Was Very Dear to Me”

Honduran Cardinal Óscar Andrés Rodríguez announced on Monday that he will attend the funeral services of Pope Francis, who passed away at the age of 88 at his residence in Casa Santa Marta due to a stroke.

“We will be there throughout the novena and then, God willing, at the burial,” Rodríguez said in a phone interview with HRN Radio in Tegucigalpa, apparently calling from Spain.

He added that the last time he saw Pope Francis was in October 2024, during and at the end of that year’s synod, and that they remained in contact through email. “Sometimes, the Pope would even call me,” said Rodríguez, who was born on December 29, 1942, and was made a cardinal by Pope John Paul II on February 21, 2001.

Rodríguez expressed deep sorrow over the passing of Pope Francis, saying: “He was a very dear person to me.”
However, he also shared a message of hope, pointing out that the Holy Father passed away during Easter: “This is a sign. He gave his life completely like the Lord Jesus, and though he died, we believe in faith that he has risen, now with Christ in eternal life.”

Rodríguez, who for ten years coordinated the Vatican’s Council of Cardinals, was one of the eight cardinals selected by Pope Francis to help govern the Catholic Church and reform the Roman Curia.

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In January 2023, upon turning 80, Rodríguez stepped down as Archbishop of Tegucigalpa, and Pope Francis appointed Spanish priest José Vicente Nácher Tatay as his successor.

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Central America

Senator Van Hollen Meets with Deported MS-13 Member in El Salvador; Trump and Bukele React

U.S. Democratic Senator Chris Van Hollen, representing the state of Maryland, held a meeting in El Salvador with deported MS-13 gang member Kilmar Ábrego García, a member of the criminal group classified by the U.S. government as a terrorist organization.

“Kilmar Ábrego García, miraculously resurrected from the ‘extermination camps’ and ‘torture chambers,’ now sipping margaritas with Senator Van Hollen in the tropical paradise of El Salvador!” wrote President Nayib Bukeleon X (formerly Twitter), sharing photos of Van Hollen, Ábrego García, and a lawyer sitting together at a Salvadoran hotel.

The deported gang member is seen wearing a plaid shirt and a flat-brimmed cap, seated at a table with glasses and coffee cups. The senator also shared images of the meeting on his own social media accounts.

Bukele reaffirmed that Ábrego will remain in El Salvador and will not be returned to the United States.

“Now that his health has been confirmed, he has earned the honor of remaining under the custody of El Salvador,” Bukele added.

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Former U.S. President Donald Trump criticized the senator’s meeting with Ábrego on Truth Social, calling Van Hollen “a fool” for advocating for Ábrego’s return to the U.S.

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