Hungary has become the first country in the world to put up a life-size statue of Bitcoin’s creators, pseudonymously known as Satoshi Nakamoto. The group behind the sculpture unveiled it for the first time on September 16. Located in Graphisoft Park, Budapest, the sculpture honors Satoshi and his work.

The statue is the brainchild of András Györfi, the Editor of Kripto Akadémia, a leading crypto news site in Hungary. Györfi joined hands with Gabi Debreczeni-Raskó and Debreczeni Barnabás from crypto platform MrCoin, Imre Szilágyi, the Founder of the Blockchain Budapest Conference, and Kornél Kalocsai, the Head of the Blockchain Hungary Association, to form the initiative behind the statue’s creation.

Created by two Hungarian artists, namely Gergely Réka and Tamás Gilly, the statue depicts a general human figure, seeing as the gender, race, age, and height of the BTC developer remains unknown. Primarily made of bronze, the sculpture dons a hoodie with the BTC logo on its chest. Its face is made of a special bronze-aluminum composite that offers a shiny luster. Upon approaching the statue, one can see their face, implying that we are all Satoshi.

The initiative’s website notes that Satoshi’s work is significant for both the IT industry and humanity. The website adds that Bitcoin (BTC/USD) is more than a currency, adding that its underlying blockchain technology offers answers to multiple challenges afflicting humankind.

This news comes after the project first announced plans to create the sculpture in June this year. At the time, Györfi touted the blockchain, saying,

It is an efficient, fair, and transparent database that eliminates distrust between people and can make the world a better place in many areas, from food supply to aid delivery.

The erection of the Satoshi statue is made possible by Hungary’s crypto-friendly regulations. Apart from fair crypto rules, the country is planning to slash crypto taxation by 50%.

In May, Hungary’s Finance Minister, Mihály Varga, shared the government’s stimulus program to help boost the country’s economy. To ease the economic difficulties brought about by the COVID-19 pandemic, Hungary’s legislators introduced a bill to cut crypto trading taxes from 30.5% to 15%. Reportedly, these changes might take effect as early as 2022.

Meanwhile, BTC is down 1.20% over the past 24 hours to change hands at $46,884.39 (£34,128.32) as the crypto market continues bleeding today.

The post Hungarian Bitcoin enthusiasts honor Satoshi Nakamoto with a statue appeared first on Invezz.

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