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World's 1st Bitcoin-backed city at the base of a volcano in El Salvador

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Two months after becoming the first country to adopt cryptocurrency as legal tender, El Salvador is facing warnings by the International Monetary Fund to reverse course, citing the high risk to consumer protections and financial stability.

But small Central American nation is doubling down on its controversial move, as it now plans on building an entire city backed by Bitcoin bonds.

Redmond Shannon explains how feasible the ambitious plan really is.

For more info, please go to https://globalnews.ca/news/8396124/bitcoin-city-volcano-bonds-el-salvador/

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Category
U.S. & Canada
Tags
global news, Bitcoin, El Salvador
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