Yilport’s $1.6 billion investment sparks new hope for Bitcoin City in El Salvador
In a groundbreaking development, Turkish holding company Yilport has announced a massive investment of $1.6 billion in El Salvador’s port infrastructure. This investment is set to breathe new life into the country’s ambitious Bitcoin City project, a vision put forth by President Nayib Bukele.
President Bukele shared the exciting news through a video, revealing that Yilport will collaborate with the Comisión Ejecutiva Portuaria Autónoma (CEPA) to manage the Acajutla and La Unión ports for the next 50 years. La Unión port, the proposed location for Bitcoin City, will see significant developments as a result of this partnership.
The Bitcoin City project, introduced by Bukele in 2021, aims to create a city powered entirely by Bitcoin and free from traditional taxes, except for value-added tax. The project has garnered attention for its innovative approach to integrating cryptocurrency into everyday life.
Stacy Herbert, director of the National Bitcoin Commission Office of El Salvador, commended Bukele’s initiatives, noting that they have revitalized neglected aspects of the country and improved the lives of its citizens. Yilport’s investment is seen as a crucial step towards realizing the vision of Bitcoin City and fulfilling El Salvador’s innovative aspirations.
In addition to the investment in port infrastructure, President Bukele recently announced the relocation of a significant portion of El Salvador’s BTC holdings to a cold wallet stored in a physical vault. These moves underscore the country’s commitment to embracing cryptocurrency and leveraging its potential for economic growth.
Overall, Yilport’s investment marks a significant milestone in El Salvador’s journey towards becoming a hub for cryptocurrency innovation. With the support of strategic partnerships and bold initiatives, the country is poised to lead the way in integrating blockchain technology into its infrastructure and economy.
