El Salvador has announced that it has picked the Mexican architect, Fernando Romero to build its Bitcoin City. The update released on May 13 by the country president did not say if Romero was picked based on recommendation.
Romero is a Mexican architect known for his complex designs. A source knowledgeable about the development said that most of his designs have never been built due to their complexity.
BTC City Coming Up Beautifully
#Bitcoin City is coming along beautifully ❤️ pic.twitter.com/A6ay8aAREW
— Nayib Bukele (@nayibbukele) May 9, 2022
The president of El Salvador, Nayib Bukele, this week said that the proposed Bitcoin City is coming up as planned. In a recent post monitored by Cryptoinfowatch on May 13 says. Bukele said that the planned city would have all the landmarks befitting its modern status.
The release by the president on social media says that with Romero in charge, the Bitcoin City will feature landmarks such as a Pacific airport. Showcasing a circular model that links all parts of the city to a central area by road, Bukele said that the city will be built near Conchagua Volcano. The volcano will be a power source for the city which will become a mining center.
Obstacles To Bitcoin City
It is not yet clear if the fund for the project is available, considering that the crypto market has been in the red and may still be going down. Archinect reported that the $10 billion USD backed bond that the country issued has not been fully subscribed for.
Another challenge to the Bitcoin City is that the World Bank is already breathing down the country’s government. The organization recently opposed a $25 billion loan requested by El Salvador, citing the status of Bitcoin as legal tender in the country. El Salvador has not released a time-line for the completion of its Bitcoin City.