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

Toronto Clocks Move Forward March 8 as Daylight Saving Time Begins

Toronto is about to “spring forward.” At 2 a.m. on March 8, clocks across much of Canada — including Toronto — will move one hour ahead as daylight saving time begins. The seasonal shift is designed to make better use of daylight during the warmer months by pushing...

Canada Releases Limited-Edition Coins for the 2026 FIFA World Cup

With the 2026 FIFA World Cup set to kick off this summer, the Royal Canadian Mint has unveiled a collection of limited-edition commemorative coins celebrating the global tournament. The collection includes six unique designs made from silver and pure gold, each...

The Palenqueras of Cartagena: A Living Legacy of Freedom and Culture

Walking through the streets of Cartagena, one of the most recognizable sights is the palenqueras — Black women dressed in vibrant dresses and head wraps, carrying bowls of fruit and sweets on their heads. For many visitors, they are a symbol of the city’s colorful...

Events

Related articles