Samson Mow, a Chinese-Canadian cryptocurrency entrepreneur, said on Thursday that he has launched a new firm named Jan3 to promote bitcoin adoption. He stated that the company has inked a memorandum of understanding (MOU) with El Salvador to create digital infrastructure.

Mow, who lives in Shanghai, advised Salvadoran President Nayib Bukele on a $1 billion bitcoin-backed bond offering that was postponed last month due to the invasion of Ukraine and cryptocurrency market turbulence.

“It’s a general MOU that says we’ll work together to build digital infrastructure for the country and for Bitcoin City(...)”

Bukele suggested a ‘Bitcoin City’ in November, which would offer tax benefits to investors and utilise geothermal energy supplied by a neighbouring volcano.

According to Mow, it's too early to place a monetary figure on the arrangement. The name is a tribute to the birth of the bitcoin network on January 3, 2009. Last year, El Salvador made bitcoin legal tender.

Following a significant drop in the token's price since hitting a high in November, the move has been met with widespread scepticism.

Mow was formerly the chief operating officer of BTC China and the creator of Pixelmatic, a video game production studio.