- Samson Mow, the CEO of Jan3 said El Salvador has drawn a lot more attention to themselves globally as a Bitcoin country.
- This has caused a spike in tourism by 30%, said Mow.
- The bitcoin bond bill will allow El Salvador to sell 1 billion worth of bonds, 10-year bonds to investors.
Samson Mow, the CEO of Jan3 and architect of the BitcoinBonds believes that El Salvador’s President Nayib Bukele is proofing the country against fiat money crash. He added that El Salvador is heading to a safer place with Bitcoin adoption especially as the country continues to grapple with violence.
Mow, who is helping El Salvador’s Bitcoin adoption shared:
So President Bukele, I would say, is a pragmatist. He’s preparing his country for the future, proofing it against fiat money collapse.
He added that by rebranding themselves as a Bitcoin country, El Salvador has drawn a lot more attention to themselves globally. This has caused a spike in tourism by 30%.
Talking about the Bitcoin payment infrastructure El Chivo’s problems, Mow said that Chivo’s deployment was rushed to match the deployment of the law. However, since the deployment several companies are coming to help with it, he added.
Mow concluded that recreating traditional banking infrastructure in the country certainly takes some time. He explained that Chivo is useful because it allows them zero fee conversion.
Mow also revealed that a new bill has been introduced recently to the parliament. The bill allows El Salvador to sell 1 billion worth of bonds, 10-year bonds to investors. He added, half of it will be invested in Bitcoin and the other half is going to be invested in Bitcoin infrastructure and the Bitcoin city of El Salvador.
Mow explained that El Salvador has introduced this law to Congress for approval. Followed by this, a regulatory body will be formed to govern these digital securities. Mow concluded that even though the Central African Republic has their altcoin called Sango, Metaverse and NFT venture, they lack ‘grassroots movement’.