Blogs

El Salvador’s Bitcoin City secures $1.6 billion investment

Aug 12, 2024 | World

August 12, 2024

El Salvador’s President Nayib Bukele announced a $1.6 billion investment by Turkish company Yilport Holdings to upgrade two ports, Acajutla and La Unión, in what is the largest private investment in the country’s history. This initiative, forming part of the third phase of the government’s economic development program, aims to enhance logistics and foster new trade opportunities. Yilport will collaborate with El Salvador’s CEPA to manage these ports for 50 years. The project will start by the end of this year, with Acajutla receiving infrastructure upgrades and new equipment, and La Unión focusing on dredging and equipment acquisition. La Unión will also be the location of the proposed Bitcoin City, envisioned as a tax haven powered by geothermal energy for Bitcoin mining. Despite being announced in 2021, construction of Bitcoin City has yet to start.

Did you like this article?

Did you like this article?

0 Comments

Latest Posts

Stolarz out of hospital after leaving game 1 in a stretcher

Toronto Maple Leafs goaltender Anthony Stolarz has been released from hospital and was back at the team facility on Tuesday morning, just one day after a frightening incident in Game 1 of the second-round series against the Florida Panthers. While head coach Craig...

Events

Related articles