The ambitious Bitcoin City project in El Salvador has attracted a significant $1.6 billion investment from Turkey’s Yilport Holding, and it will be free of income, property, and capital gains taxes.

Ardoino criticized the increasing restrictions on freedoms in Europe, contrasting it with El Salvador's welcoming stance towards cryptocurrency.

El Salvador's President Nayib Bukele and Tether's CEO Paolo Ardoino are actively promoting the country as a destination for those seeking freedom of speech and a supportive environment for cryptocurrency.

Since adopting Bitcoin as legal tender in 2021, El Salvador has positioned itself as a haven for crypto enthusiasts.

As of late August 2024, the country holds approximately 5,853 BTC, valued at around $373.48 million.

The Salvadoran government employs a Dollar Cost Averaging (DCA) strategy for Bitcoin, showcasing its long-term commitment to integrating digital assets into its economy.

Bukele has highlighted that El Salvador is the safest country in the Western Hemisphere and notably has no property tax.

These comments come amid rising concerns over censorship in Europe, particularly following the arrest of Telegram CEO Pavel Durov in France.

Despite Bukele's efforts to establish El Salvador as a leader in the crypto space, uncertainty remains regarding future policies after his term ends in 2029.

On social media, Bukele emphasized that El Salvador guarantees freedom of speech and individual liberties, allowing citizens to express their opinions without fear of repercussions.