Key Insights:
- Bukele unveils Phase 3 of Bitcoin City plan.
- Yilport invests $1.615 billion in El Salvador ports.
- Modernizing ports critical for Bitcoin City success.
El Salvador’s President Nayib Bukele has revealed an ambitious economic strategy aimed at bolstering the development of Bitcoin in the country. In a video posted on X (formerly Twitter) on August 12, Bukele introduced Phase 3 of his government’s plan, which focuses on logistics and includes the largest private investment in El Salvador’s history.
Historic Investment in Pacific Port Union
Yilport Holding will invest more than $1.615 billion into the Pacific Port Union. This investment will modernize the Acajutla Seaport and revitalize the La Union Seaport, which has been neglected for over two decades. This significant investment is a result of Bukele’s 2022 visit to Turkey, culminating in a 50-year partnership between Yilport and CEPA to manage both seaports.
Phased Implementation Beginning in 2024
The project will be implemented in phases, with the first phase set to commence at the end of 2024. This development is expected to create new trade opportunities for El Salvador. Additionally, the country has announced a historic $1.6 billion investment in Bitcoin City, a futuristic smart city in the La Union region, primarily funded by Yilport Holding.
Modernizing Ports to Support Bitcoin City
The investment will enhance the Acajutla Seaport and develop a new port at La Union, both of which are critical to the operation of Bitcoin City. The city is envisioned as a tax haven powered by geothermal Bitcoin mining and will position El Salvador as a key logistics hub in Latin America. Designed as a modern urban center, Bitcoin City will feature residential and commercial areas with tax incentives to attract investors, aligning with Bukele’s vision of establishing El Salvador as a global leader in cryptocurrency.
El Salvador’s Continued Commitment to Bitcoin
This investment underscores El Salvador’s dedication to leveraging digital assets for economic development. The phased project, beginning in late 2024, marks the start of a new era in financial innovation. Bukele’s 2021 announcement of Bitcoin City generated significant excitement, with plans for the city’s residential and commercial areas to be funded by crypto bonds.
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