April 8, 2022
Mow said the firm has signed a memorandum of understanding to develop digital infrastructure in El Salvador.
Chinese-Canadian cryptocurrency entrepreneur Samson Mow on Thursday said he has created a new company called Jan3 focused on promoting bitcoin adoption.
He said the firm has signed a memorandum of understanding (MOU) to develop digital infrastructure in El Salvador.
The Shanghai-based Mow worked as an adviser to Salvadoran president Nayib Bukele for a $1 billion bitcoin-backed bond issue, which the Central American nation last month postponed amid the invasion of Ukraine and cryptocurrency market volatility.
“It’s a general MOU that says we’ll work together to build digital infrastructure for the country and for Bitcoin City,” Mow told Reuters on the sidelines of the Bitcoin 2022 conference in Miami Beach.
“I just set up my company and I said ‘do you want to work together?’ and they said ‘sure,’” Mow said.
Bukele in November proposed the creation of Bitcoin City, which would provide tax advantages to investors and would use geothermal power generated by a nearby volcano.
Mow said it was too early to put a monetary value on the deal. The name is a reference to January 3, 2009, the day the bitcoin network came into existence. El Salvador adopted bitcoin as legal tender last year.
The move has faced public scepticism following a substantial decline in the token’s price since it hit a record in November.
Mow previously has been chief operating officer of BTC China and founder of the game development company Pixelmatic.
He worked at Relic Entertainment, where he was in charge of game balance for Company of Heroes and Dawn of War.
- Reuters, with additional editing by George Russell
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