El Salvador is determined to promote the legalization of Bitcoin, "will only bring a small risk", and try to "volcano mining"
According to reports, Salvadoran President Nayib Bukele said in an interview today that El Salvador is determined to promote the legalization of Bitcoin. This process will only bring a small amount of money. Risk, and will prove to be "a leap for mankind."

On June 9, the Salvadoran Congress finally voted to approve the proposal of “using Bitcoin as legal tender” submitted by President Buquer. This means that El Salvador has become the first country in the world to recognize Bitcoin as a legal currency. In September, the proposal will officially come into effect.

Today, Buckler stated in an interview that this move will promote employment and economic development in El Salvador. He said that although the World Bank refused to provide technical support and the International Monetary Fund (IMF) also expressed concern, he believed that the project would be successful.

Buckler said: "I'm pretty sure this will work. It is feasible not only for us, but for the entire mankind, because this is a leap for mankind." Buckler also said that this move will reduce El Salvador's current legal tender. Dependence on the dollar. He said: "We will at least become less dependent on the output of the new dollar and the new inflation that comes with it."

Bukley also pointed out that there is currently no plan to hold Bitcoin in the national reserve, although this may happen "in the future."

Considering environmental and transparency deficiencies, the World Bank refused to provide assistance for the implementation of Bitcoin in El Salvador. Buckler said: "It would be nice to have the World Bank, consultants or technical support, but we really don't need it." Buckler added that there are enough local talents.

But Buckler also admitted that there may be some risks in this effort, but not great. He said: "I really don't think it's a big risk, it just makes us angry. But in any case, they are not so good to us. So you know, why not try something new?"

Analysts worry that El Salvador’s move to promote Bitcoin may jeopardize the country’s $1 billion plan to the IMF. The IMF has previously expressed economic and legal concerns about this move.

Buckler said: "We adopted the U.S. dollar in 2001. Is there any difference? The only difference may be the reason why we did it. In 2001, it may be for the benefit of the bank. Now this decision is for the benefit of the bank. The interests of the people."

Earlier today, Buckler also proposed the idea of "volcanic mining", which uses geothermal energy to produce energy to power cryptocurrency mines. Buckler stated that he has received great interest from all parties to use the country's volcanic renewable energy to build a Bitcoin mining center.

He said: "We have discovered a new geothermal well, which will provide us with 95 MW of electricity. Although it is not large, it is still considerable." Buckler also said that a complete Bitcoin mining will be designed around it. center.
Axact

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