Prime Minister of Montenegro Milojko Spajić held a closed meeting with JAN3 CEO Samson Mow. The official praised the country’s natural resources, which boast a large number of mountain rivers and lakes. According to government estimates, Montenegro’s hydropower potential is around 5.6-6.1 TWh per year, of which only 20% is actually exploited. The remaining 80% could be used for Bitcoin mining, the Prime Minister believes. The only problem with implementing this initiative is the high cost of equipment for storing renewable energy and transferring it to miners.
Samson Moe suggested that the authorities of this Balkan country bypass the barrier by issuing “hydrobonds”. The bonds must be repaid in bitcoins, and with the help of the proceeds from the sale of these securities, the construction of a special facility for the extraction of cryptocurrency can be financed.
If Montenegro implements the proposal, neighboring country Serbia could theoretically follow suit. The Crown Prince of Serbia and Yugoslavia, Filip Karađorđević, is friendly to Bitcoin. Last year, the prince called the first cryptocurrency “hard money” that is not subject to inflation, and proposed teaching local children about blockchain.
El Salvador is pursuing a similar strategy. Volcano Bonds, backed by Bitcoin, are expected to launch in the first quarter of 2024. They will be used to pay off sovereign debt and finance the Bitcoin City center, powered by geothermal energy from a volcano.
Source: Bits
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