Bitcoin Bonds, Bitcoin Zones: El Salvador Doing all the Right Things

Well at least on paper, it seems like the Nation of El-Salvador is not resting on its oars being the first nation on the planet to adopt Bitcoin as a legal tender.

Now I hear news reports about a Bitcoin City which will be powered by renewable and sustainable energy and free from income, property, capital gains or payroll taxes. In other words, the first steps to a decentralized community.

This Bitcoin city reminds me of the Special Economic Zones (SEZs) and Free Trade Zones that developing nations like the Asian Tigers used to rapidly develop their economies. Many within and outside the blockchain have identified blockchain technology as the next growth frontier and so leveraging on all the possibilities a Bitcoin city could bring is really an insightful move.

Of course being a relatively low income country, one must've raised eyebrows as to how the funds for such a massive project will be sourced. It turns out that the Nation is again looking towards the blockchain for solutions as it plans to issue a $1 Billion Bitcoin bond to finance infrastructural projects for the development of Bitcoin technology and adoption in the region.

I am a bit surprised by the speed of the strides towards developments the country has taken seeing as many people doubted the Nations capacity to pioneer the BTC acceptance adoption with some predicting a complete collapse of the nations economy.

However, El-Salvador seems to be taking the steps that others felt them capable of taking. In the sense that they are showing readiness to take advantage as the first legal pioneers of this new technology and develop solutions off it, showing the World an alternate pathway to sustainable growth through the blockchain.

Innovation is the keyword which the nation will need to leverage on. It isn't enough to have everyone simply using BTC as a currency if new solutions are not being provided from such a change. It is left for the Country to show the World all we're missing, and they are taking positive steps towards that direction.

There is still work to be done though, as these proposals are still on paper. Yet if it manifests, we could potentially see the Country emerging as a powerhouse over the next couple of decades. Also Bitcoin is essentially a libertarian project, and El-Salvador isn't known for its express freedoms. There is a lot of work to be done but a willingness to adopt blockchain technology can set the country on an irreversible path towards transparency and redemption.