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El Salvador has clinched a $1.6bn deal to revamp its port infrastructure. The investment backs President Nayib Bukele's vision for a Bitcoin City. Turkish-owned Yilport Holdings is footing the bill. They'll modernize two ports: Acajutla and La Unión. It's a record-breaking private investment for the country. Bukele broke the news on social media. He said Yilport would pump over $1.615bn into upgrading the Pacific Port of La Unión and modernizing Acajutla. La Unión's current facilities are a ghost town. Ships rarely dock there due to dated infrastructure. The deal gives Yilport and CEPA, the local port commission, a 50-year lease. It's a long-term play to breathe life into the ports and boost regional logistics. CEPA's president, Federico Anliker, is pumped. "El Salvador is becoming a very important logistics hub in Latin America," he said. He reckons it'll beef up the country's global trade game. The project kicks off late 2024. They're taking it step by step to avoid disrupting operations. This port overhaul ties into a bigger dream: Bitcoin City. Bukele pitched this futuristic metropolis back in 2021. The plan? Zero taxes and Bitcoin mining powered by geothermal energy. The upgraded ports will serve as Bitcoin City's lifeline. They'll handle the logistics and trade needs, aiming to lure more investment. Bitcoin City isn't just about crypto. It's set to be a full-blown urban center with homes, businesses, and leisure spots. Originally, crypto bonds were supposed to fund it. It's a bold move that shows El Salvador's commitment to embracing digital currencies. Crypto buffs are watching closely. They're curious to see if El Salvador can pull off this economic gambit. The $1.6bn project is a big deal for El Salvador. It could turn the country into a regional powerhouse for transit and trade. Plus, teaming up with a Turkish big shot might create jobs and more opportunities. It's a risky bet, no doubt. But if it pays off, El Salvador could be sitting pretty. Only time will tell if Bukele's vision will pan out or if it's just a pipe dream.

The International Monetary Fund (IMF) is pushing El Salvador for more transparency in its Bitcoin policy. The risks haven't hit the fan yet, but the IMF's not letting up. Bitcoin as official currency was supposed to save the country from poverty, and IMF is not happy with that not actually happening, at least yet. In a statement Tuesday, the IMF said El Salvador needs to step up its game. They want the country to be more open about its crypto moves. The IMF's been side-eyeing El Salvador's Bitcoin experiment since 2021. Back then, they warned about potential issues of letting BTC to be a legitimate currency on par with USD, which seemed revolutionary at the time and still seems now, as no other country has followed the same path yet. But President Nayib Bukele - one of the most prominent Bitcoin maximalists - is not backing down. He's been buying more Bitcoin like it's going out of style. El Salvador's now sitting on $327 million worth of the crypto, according to their public wallet. That might seem not too much comparing to some of the famous crypto whales. But El Salvador is a poor country. And that is an understatement, by the way. So buying so much BTC is a heavy burden for its economy. The IMF's latest statement doesn't pull any punches. "On Bitcoin, while many of the risks have not yet materialized, there is joint recognition that further efforts are needed to enhance transparency and mitigate potential fiscal and financial stability risks from the Bitcoin project," it reads. So, IMF is not openly saying buying BTC is a bad idea. It is saying that in a delicate, indirect way. The government's been tight-lipped about the exact size of their investment. They've got a new government wallet, but it only holds a "big chunk" of their Bitcoin, according to Bukele. But there is something else, that might hint to a looming danger. El Salvador's Bitcoin Law requires businesses to accept the crypto. But in reality, many businesses are dragging their feet, not feeling completely contented with BTC instead of US Dollar on their accounts. The country's hoping to attract investment and new citizens with its tech-friendly approach. But the IMF's not impressed. They've been critical of Bukele's Bitcoin bet from the get-go. Bukele's not taking the criticism lying down. He's been slamming "global elites" and even tweeting memes mocking the IMF. Talk about a millennial leader, right? Despite the back-and-forth, Bukele's told the IMF that Bitcoin adoption won't mess with the country's macroeconomics. They've been in talks for years about a loan to boost El Salvador's finances. So you see, the first ever Bitcoin President has enough money to turn his country into a crypto whale, but not enough money to fight the actual problems in its economy. This seems weird to IMF, some other experts. And maybe, even some part of the population. But that yet to be determined. El Salvador's government didn't immediately respond to questions. Looks like they're keeping mum for now. The IMF's keeping the pressure on. They want El Salvador to play ball and be more open about their crypto moves. It's a high-stakes game, and the world's watching.

El Salvador continues its "1 BTC a day program" despite recent market downturns. Data from BitInfoCharts confirms this ongoing strategy of the first crypto country of the world. The first crypto country keeps doing phenomenal things. The nation's crypto wallet has been consistently acquiring one Bitcoin daily since March. And there is no sign of stopping that bullish trend. President Nayib Bukele's anounced this politics in November 2022. Bukele then reaffirmed the policy in March 2024. He also said that purchases would continue until Bitcoin "becomes unaffordable with fiat currencies." Basically it means, El Salvador is going to buy Bitcoin until the time when fiat currencies won't matter anymore in the financial world, believe it or not. He also confirmed in February that El Salvador has no plans to sell its BTC reserves. The country has moved a significant portion of its holdings to a cold wallet. Bukele referred to this as El Salvador's "first Bitcoin piggy bank." Reports indicate the nation received Bitcoins from crypto exchange Bitfinex. Additionally, El Salvador has mined 474 BTCs over the past three years. This was achieved using geothermal power from the Tecapa volcano, according to Reuters. The Latin American nation recently proposed banking reforms. These aim to enable banks to conduct operations in both Bitcoin and US dollars. This move signals a deepening integration of cryptocurrency into El Salvador's financial system. No wonder, the country stays faithful to its declared policy of 'buying, buying, buying' regardless of the circumstances. Which kind of reminds us Michael Saylor's bullish sentiments, right? El Salvador's commitment to Bitcoin remains steady despite market fluctuations. The country continues its purchases even as Bitcoin's price has fallen sharply. Bitcoin recently plummeted to around $58,000. This decline followed a high of over $63,000 on July 2. Total liquidations reached $260 million during this period. The cryptocurrency experienced a 3.7% drop in 24 hours. This downturn has also affected various altcoins. El Salvador's persistent Bitcoin strategy reflects its long-term faith in the cryptocurrency. The nation maintains its purchase schedule regardless of short-term market volatility.

Bolivia's central bank has lifted its infamous cryptocurrency ban. Severe restrictions were in place since 2014. But the future is already here, and financial institutions can now conduct digital asset transactions. The central bank aims to modernize Bolivia's payment system. It hopes to boost the struggling economy and align with regional crypto regulations. In 2020, the government banned banks from crypto interactions. The new rules permit approved electronic channels for crypto transactions. Cryptocurrencies are not legal tender in Bolivia. Companies are not required to accept them as payment. However, banks can now trade crypto assets. The central bank plans a public awareness program. It will educate citizens on crypto risks and responsible management. Three government bodies collaborated on the regulatory update. These include the Financial Investigations Unit, Financial System Supervisory Authority, and central bank. The legislation aligns with Latin American Financial Action Task Force suggestions. Bolivia joins other Latin American nations adopting crypto to boost their economies. Many Latin American countries face economic challenges. Rising inflation has forced them to seek alternative solutions. Cryptocurrencies have emerged as a popular new economic model. El Salvador adopted Bitcoin as legal tender in 2021. It remains the only country to do so globally. Mexico allows cryptocurrency for value transfers and payments. It does not recognize crypto as legal tender. The country taxes profits from centralized exchange crypto sales.

El Salvador is about to launch a new kind of Bitcoin banks. These institutions will will offer Bitcoin investors access to financial services and fewer restrictions compared to traditional banks. Pro-Bitcoin president Nayib Bukele announced the project of BPI (Bank for Private Investment). The new kind of banks will offer financing options to potential investors in U.S. Dollars and Bitcoin. BPI will have a slightly different regulation than traditional banks have. Such restrictions as engaging with overseas banks or finance companies "linked to their shareholders or in a business group" or loan restrictions will be eliminated. Also BPIs will also not be subject to the prohibition of "granting credit or assuming risks for more than 25% of their Asset Fund in relation to the same person.” A minimum share capital for a BPI would be $50 million. Having at least two shareholders is a must. The announcement comes only two weeks after Bukele was sworn in for another five-year presidential term after winning the elections in February. “President Bukele hits the ground running in new term with new legislation establishing a Bitcoin Bank,” senior Bitcoin advisor to Bukele, Max Keiser, said in his X post. Keiser also noted that Ark Invest CEO Cathie Wood’s forecast that El Salvador’s real GDP “could scale 10-fold during the next five years” has only become “more likely.” BPIs have yet to be approved by El Salvador legislators. If that happens, the small country will once again prove to be the real giant of the crypto world.